Brazil's recognition of a Palestinian state, followed by Argentina and Ecuador is obviously about siding with the Palestinian people against Israel's ethnic cleansing and lying posturing about security. Even the unjust ceding of a sliver of land for a nominal "state" for Palestinians is too much for Israel to stomach. They never negotiated in good faith and always had as their goal a single, racially pure Jewish state in which the Palestinians have the right to get out or drop dead.
So these three Latin American states are making a public gesture in protest of this. But what's more important (I think) is that these three countries are first of all saying:
"screw you USA! Tu madre! You don't own us anymore, Yankee pendejo. You are going down hill and we are going uphill. You can't dance us around like a puppet on a string as you did in the past with the phony OAS that you controlled. We aren't going to let you pillage our natural resources and get US backed military dictatorships in return (as did Brazil and Argentina among other South American nations). Your half-baked coup attempt in Venezuela ten years ago collapsed. Your Honduran coup by proxy won't last. And you can take the Cuban vote in Florida and shove it...Cuba's still there with no prospects of the former property owners returning to power."
Latin America is looking out for its own interests first, not for those of the IMF, Wall Street or the state department. The latest public recognition of a Palestinian state is more than a gesture of disapproval of Israel and of solidarity with the Palestinians. It's a declaration of independence from yankee imperialism.