It is worth it - not only because you get to see how fucking appallingly difficult life is for Palestinians. It's safe (the danger that is faced in the West Bank comes from the Israelis and aside from a brief spell of killing foreigners about 5 years ago, the negative publicity they get from such acts tends to dissuade them). But you (if you do go) really need to get out and about a bit and see more of the West Bank than just Ramallah. Try getting into Nablus, for example, or travelling the (as the crow flies) short distance up to Jenin. Go to Bethlehem and Hebron.
So, in answer to your question - it's safe and it's really worth it. Go.
The stuff I wrote while I was there is here:
http://adhock.blogspot.com/ (you'll have to scroll down a few posts to find the stuff which I did when I was actually there, after I had an abortive attempt to resurrect that blog)