Yes, I believe it was right to give the people a day. Politics is rotten when cross party agreements are struck among a few senior politicians, closing the electorate out of a debate.
In 1973, when we had the referendum on the ecsc, my parents' generation was promised a referendum if the community changed significantly from a free trade area. It clearly has done so.
The failure of successive politicians to seriously debate the deepening and broadening of Europe through Nice, the European constitution and Lisbon allowed the formation of the single issue party UKIP. This, in turn, pressured the toried into promising this referendum.
We do live in a representative democracy. The public have spoken and now the politicians can negotiate with the EC with a clear mandate. I have no idea what the final solution will look like but I suspect that it will be better than where we were before.
It is not surprising, though, that in a culture where investors force companies to give quarterly updates, that the short term may be rocky. However that is an excuse to never rock the boat, never have political stand offs, never go to war etc...
Sometimes we need to think longer term and take a short term knock.