Your analogy would be correct except for the fact that "Palestine" is not a country, only a semi-autonomous territory. Since Israel + the US only recognize Abbas, he remains the head of 'government', such as it is. There is also the added fact that Gaza and the west bank are non-connected territories. The Hamas revolt is only in Gaza, and Fatah still seems to have control in the WB (for now).
I think that Israel really wanted this to happen, ever since the Jan 2005 elections- They couldn't deal with a democratically supported Hamas and a unified Palestinian population. Sharon's Pastrami Sandwich plan seems to be working.