Although it is certainly possible to argue this issue both ways, I would say that the obligations and punishments imposed upon Germany were excessive. They added up to a group of conditions that treated Germany as if it had been solely responsible for the war and which made it look as if the Allies’ war aims were to expand their own territory and power.
It is really rather harsh and inaccurate to say that Germany was solely to blame for World War I. The war was really caused by the actions and attitudes of most of the countries of Europe. Therefore, imposing things like harsh reparations on Germany was surely not appropriate.
Furthermore, there was no justice in doing things like stripping Germany of its overseas territories. The possession of territories did not cause Germany to go to war. The possession of territories was no more unjust than the British or French possession of their empires. By taking these possessions away (and putting them under so called “mandates” from the League of Nations, the Allies were essentially just looting Germany after the war.
For these reasons, it seems to me that the terms of the Treaty of Versailles were excessive and ultimately counterproductive.