Well, the cease-fire is in effect. Assuming no one on either side decides to be a complete moron, Israel and Hezbollah are done shooting at each other... for the moment, anyway. Israel is slowly pulling out of Lebanon as the Lebanese army is slowly deploying as a replacement.
Hezbollah is declaring a victory - they held back Israel, killed a bunch of soldiers, and managed to lob a ton of missiles into an (abandoned) Israeli city, killing a couple of people. Of course, they're not going to release their actual losses (no one tracks that very well, anyway - it's easier to just say "dozens of civilians"), and they don't care that, well, they helped inspire (or provide the trigger for, or heck, insert your own conspiracy theory here about Jews hating Arabs and whatnot) a pretty hefty invasion of Lebanon, complete with wholesale destruction of their own neighborhoods and infrastructure, a bunch of dead kids, and tons of unexploded ordinance.
Israel isn't overtly claiming any victory or loss (yet), though I am sure the leadership is going to probably claim some sort of victory - shortly before being excoriated in the local press and by politicians all over the political spectrum for either (a) doing too little or (b) not doing a thorough enough job for their preferences.
So... who won? I think, personally, the Israelis will come out of this one better off overall. They are unlikely to violate the terms of the cease-fire, knowing damned well that once Hezbollah gets bored, someone will start lobbing those midrange little missiles again from Lebanon, giving all the excuse Israel needs to keep fighting. This cease-fire is a cute little breather, in Israel's eyes. Granted, Hezbollah might not actually be stupid enough to start launching missiles again - but that also would be nice for Israel, since they'd probably prefer to be able to use Haifa for habitation and commerce again.
Who lost? So far, the Lebanese civilians who are too intimidated to stand up to Hezbollah, the Lebanese government (which has lost serious points in honor and respect and has now been shown to be completely ineffective in its own country), a few Israelis who lost some property (and some lives, for that matter), and the 2 kidnapped Israeli soldiers, who have yet to be returned (and likely only will be returned once their heads have been liberated from their bodies).