well, there's always a risk.... just as there is in London, NYC or Paris. But there's a very high level of security around Tel Aviv. You'll see lots of soldiers and armed police. You'll also be asked to go through security checks at shopping malls and to eneter buildings. Pretty tight security, so it's not an easy target.
Most people who've been say the security situation is over-stated in western media.
The southern suburbs are supposedly a little 'dodgier' at night, and it's recommended you don't walk around those parts alone.
I personally haven't been, but it's on my list... it's a true 24 hour 'world' city with great night life and restaurants. looks very exciting.
Phil from the safety hub about 6 years ago