I think it's a day that should be noted by all Jews. How one makes it important, is up to them. There are people who say Hallel (Psalms) of praise to G-d. Others learn or study about the day. As Jews, we should note this day and be thankful that there's a Jewish state, even if it itsn't run 100% according to Halacha.
If Britain or the UN was in charge of "Palestine" would there be as many Yeshivot and Women's Seminaries as there are today? I highly doubt it.