Should the British Government be praised or blamed for the Balfour Declaration?

In 1917, Lord Balfour in the British government wrote to Lord Rothschild, the leader of British Jews, promising to support the establishment of a national home for Jews in Palestine.

Was this a great humanitarian gesture which offered a place of safety for a long-persecuted minority? Or was this an act of imperial arrogance which ignored Palestinians’ right of self-determination and which left them still stateless a century later?