Here's a correspondence from B.J. Lee, Newsweek's reporter in South Korea:  

Ostensibly, last week’s summit between South Korean President Roh Moo Hyun and North Korean leader Kim Jong Il produced a major progress in bringing the two hostile states together. In the second-ever summit since their division in 1945, the two Koreas agreed to seek peace on the Korean peninsula, by holding more frequent summits and pursuing cooperation from the U.S. and China. The two Koreas are still technically at war because no peace treaty was signed after the 1950-1953 Korean War. The South also promised to help revive the North’s impoverished economy, by building roads, railroads, shipyards and a special economic zone there. The two parties also agreed to set up a joint fishing zone in a disputed sea area and start a freight train service across the heavily armed border remaining as the world’s last Cold War frontier. “North and South Korea shared the view they must end the current armistice and build a permanent peace regime," said the joint declaration signed by the two leaders.