It’s arguable in the sense that any position is “arguable.” But, if by “arguable” you mean something like that it is possible to make a good case for, then no, it is not arguable.
The US “intervention” (an interesting euphemism for aggression) in Kosovo had the “entirely predictable” effect, according to supreme commander General Wesley Clarke, of vastly escalating atrocities on the ground. That is, NATO knew that their actions would make things worse, but they did it anyway.
This is very difficult to understand if you try to believe what they say. Once you realize that they are lying bastards, then it all starts to make sense. The bombing had nothing whatsoever to do with the humanitarian crisis, a crisis they vastly escalated. This much is obvious just from a cursory glance at the facts.
Then we can talk about what the real aims were. That, too, seems pretty obvious. There are a couple of very good motivations for the NATO attack. For one, they needed to justify the continued existence of NATO, and this served as excellent propaganda. Secondly, and more importantly, it served to consumate the dismemberment of Yugoslavia.
Yugoslavia was built on an idea, the idea that the slavic peoples would not be weak and disjointed, but that they would come together for mutual aid and support. Yugoslavia was allowed to exist as an independent socialist state for 40 years as a sort of buffer to the USSR. But, once the USSR collapsed, its usefulness was over. The western powers immediately began conspiring to break it up into small, powerless, right wing republics. It took a decade, but they finally achieved their goal in 1999.
Before the bombing, Serbia was a World Heritage Site, one of the most ecologically diverse areas on Earth. Now it is littered with Depleted Uranium and other nasty stuff which has wreaked havoc on the environment. Furthermore, part of the whole globalization process that the various rightist states spawned from Yugoslavia have been forced to undergo is a reduction of regulations. So, now everything is being sold off to private power so that a few rich guys will make tons of profits, while polluting the crap out of the country. The remnants of Yugoslavia are being pushed into the Third World, to serve as cheap labor markets for western Europe (sort of like western Europe’s Mexico), and as a good place to export pollution.
In short, the negatives of the Kosovo action outweigh the positives by about a billion to one.