Not really, since the 80's ETA has become more of an oversized mafia than an actual separatist movement. If Spain gave independence to the Basque Country tomorrow, they wouldn't know what to do, besides keep on killing and terrorizing those that they think don't fit in their view of Euskadi. ETA's terror is something deeper than just putting the occasional bomb. Since 1990, thousands of people have had to left the Basque Country only to escape ETA's pressure, and thousands more have to live with bodyguards 24/7. And I mean regular people: shopkeepers, medics, clerks, who have made the "mistake" of being members of a non-nationalist party. ETA is using terror tactics to, first, cleanse the basque country of what they see as "impure" basques, and only second to a clear political goal. If that is not being a terrorist, then I don't know what it is, and, like Condottiero, it irks me a lot when the anglo media refer to them as "separatists", as if what they could be somehow justified in the appropriate circumstances. A separatist can be right in the end if he wins, but ETA will never be right even if it wins (which will not).
Lastly, there is a key difference between ETA and IRA that is never explained: the IRA was a terrorist organization, but in the end it was Sinn Feinn's political leadership who was in charge. In ETA's case, it is the band's direction who is in charge, and their political ramifications are only puppets. You can safely negotiate with the IRA because you know you have a politician in the other side of the table, but when you negotiate with ETA you only have a criminal.