Mark N. Katz argues that Hamas did not win in Gaza, despite the contention that it has survived, gained in stature, and remains committed to eliminating Israel. Hezb'allah in 2006 was accorded a victory in many eyes.

... a large part of the reason why Hezbollah was perceived as victorious in 2006 is that it was the Israelis themselves who, in their disappointment at not having destroyed it, declared Hezbollah to have been the winner. Yet while Hezbollah's political strength within Lebanon certainly increased as a result of the 2006 conflict, it is noteworthy that Hezbollah has been extremely careful not to provoke another Israeli attack since then.

It remains to be seen whether Hamas will follow Hezbollah's example in refraining from firing missiles into Israel after such an intense conflict with the Jewish state. If it does, then Hamas's behavior might more reasonably be described as prudent rather than victorious. If, instead, it resumes missile attacks, Hamas risks not only triggering another Israeli intervention in Gaza, but also being blamed by Gazans for having needlessly brought them more pain without any gain. And this would open the door for another Palestinian movement to displace Hamas through taking advantage of Hamas's mistakes (just as Hamas did with Fatah). Hamas cannot afford a "victory" such as this.