The state of Israel means many different things to different people. There are those that see it as an entirely political entity, those who believe its creation is an indication of the immanent Redemption and even others who, while they see the physical land as holy, do not believe that the political state holds any spiritual significance.
Beyond our personal beliefs about the significance of Israel, there are very serious questions that the Jewish people must tackle today:
What is our policy in regard to territory within the traditional boundaries of Eretz Yisrael?
How can Israel function as both a democratic and Jewish nation?
Rabbi Yossi Jacobson broaches these questions and more in this talk from the National Jewish Retreat.