Unfortunately, the only guidebooks that have been published for Israel in the past three years are Frommer's and Fodor's. I went with Frommer's, and soon after my arrival in Israel, traded it for the three-year-old Let's Go. The first problem is the lack of quality maps -- outside of the most major sights, this book's maps are amazingly not at all useful. Next is the priorities chosen by the author: with so many pages devoted to where to dine, it is no wonder that there are no maps. Get a falafel on the street and really experience Israel. If you want a nice restaurant, one or two per town will suffice.
Finally, although Frommer's advertises this as a guide for all budgets, the book contains almost no real budget accommodations.
The Let's Go, on the other hand, despite being three years old, has broad coverage, very useful and relevant maps, good suggestions for dining where Israelis go, and (of course) budget accomodations. I have been here two weeks and have yet to find information that is out of date.
It's a tough call because obviously Frommer's is more current, and if you are not a budget traveler, has more useful accomodation information for you. But I would check out Fodor's and if that doesn't look good, go with Let's Go and write them an email encouraging them to update their edition.
By the way, it is totally safe and comfortable to travel in Israel right now. Everyone should experience this amazing country.