At least Chamberlain had the excuse of not wanting another major war only twenty years or so after the horrors of the previous one.
The accounts I read are that privately Chamberlain knew all he did was to buy more time, but Britain pretty much went on a war footing afterwards.
The biggest outcome from Munich was that politically from that point on, Hitler was untouchable in Germany. His popularity with the Generals before Munich was very low, some even suggest there was already a plot going on behind the scenes to remove Hitler, but after Munich, he became too popular.