Haaretz's weekend magazine had an interesting, long article about people who believe in the one state solution, but are on the right, not the left (original Hebrew article here). The main differences between them and the supporters of binationalism is that according to the right-wingers, the One State will still be Jewish, with Jewish national symbols (like the Star of David on the flag, the Menorah on our State Emblem and Ha'Tikvah as our anthem), a Jewish majority, and a right of return for Jews but not for Palestinians.
All my objections to this proposal appear in the article in the form of the journalist's questions. None of the answers convince me that this is in any remote way a good idea. Neither One State solution, the Isratine model and the Greater Israel model, will work. Quite frankly, I don't know which version is worse. Actually, they're quite the same, just with the Jews becoming a minority within a different timeframe in each model. In Isratine, it would happen immediately. The right-wingers don't realize that in a Greater Israel, the Palestinians would be a majority within a few decades and then they'd turn it into an Isratine, if not a straight out Palestine.
The only good thing that might come of this is if the sane left, sane right and sane center all get freaked out by the various One Staters out there and decide to get more serious with implementing the Two State Solution.