Here is a very significant point that's being missed in all of the coverage and discussions regarding the ceasefire. Netanyahu's remark suggests there will be a new anti-smuggling effort involving U.S. intelligence, cooperation with other countries, and pressure on Egypt to make it harder to get weapons--especially missiles--into the Gaza Strip. It is clear that long-range missiles are the hardest thing to bring in and the easiest weaponry for Egypt to stop at the border. Whether this will have any U.S. effort does reduce the arms going to Hamas, of course, remains to be seen.
But Israel's most realistic interests--though not its preferences--were reached by agreeing to a ceasefire now. There was international, and especially U.S., pressure to avoid a ground attack which meant that the limit of its military gains using only air power had been already attained. Prime Minister Benjamin Netanyahu wants to develop the best possible relationship with newly reelected President Barack Obama, with whom he will probably be dealing with--assuming Netanyahu's reelection on January 22--for the next four years.
Equally important was that Israeli leaders--and public opinion generally agrees--know that a temporary ceasefire is the best outcome that can be obtained. A very large portion of Hamas's weapons, especially longer-range missiles, has been destroyed and it will take Hamas time to rebuild. While people can come up with ideal solutions in their heads the problem is that Israel does not want to return to rule the Gaza Strip (which would involve armed battles almost daily) and does not have international support for overthrowing Hamas.