Abbas really needed this based on just how badly the recent conflict hurt his status and elevated Hamas' legitimacy.
Still, it's pretty much a meaningless act that will lead nowhere as neither side's people would agree to a "fair" deal and to get peace, Palestine would have to accept an unfair deal.
As always my personal prediction is a decade or two more of stagnation at least. With eventually enough international pressure on Israel causing a unilateral agreement imposed by Israel taking what they want.
This will lead the international body will be upset about however pretty much just accept glad that the whole thing is over. This either leading to a weakened Palestinian state that isn't connected to each other or a situation where one or both parts are absorbed into Egypt or Jordan.
