While the two-day negotiations at Hillsborough did not produce a dramatic breakthrough, there is a strong sense that matters can yet move to a positive conclusion.
The nature of politics here is such that there is always a danger that carefully laid plans may come unstuck, as David Trimble's early departure last night may have indicated.
However, the signals coming from most of the main players and the two governments are reasonably encouraging and people are entitled to feel cautious optimism as we enter the next crucial phase.
As the parties left Hillsborough, it became clear that a number of sticking points remain.
The imposition of sanctions against republicans for any future breaches is a key issue for Ulster Unionists.
Sinn Féin put forward a proposal based on a sub-committee approach, but this appears to be insufficient to break the deadlock.
Both sides have valid points of view on this matter. The unionists simply do not trust republicans, while Sinn Féin is concerned that a 'red card' system would be a gift for the DUP if the party overtook the UUP in a future election.
Unionists are also demanding "visibility" over the destruction of IRA weaponry, and this should not prove insurmountable.
Other important elements appear to be coming together, such as movement on policing and an IRA declaration on future activity.
This will be a fundamental part of any final package and must clearly signal that activities such as murder, punishment attacks, targeting, intelligence gathering, threats and expulsions will end for good.
Democratic parties cannot be linked in any way to organisations which sanction violence or the threat of violence, and this step, should it happen, will be an essential and welcome development which will benefit the entire process.
Policing is also a vital issue and we look forward to Sinn Féin finally playing its part in delivering on this central aspect of the Good Friday Agreement. It also seems clear that republicans are approaching a final settlement of the so-called 'on the runs', although this remains a sensitive area.
The early release of hundreds of prisoners under the Good Friday Agreement proved to be a contentious and painful issue, particularly for victims and the bereaved.
While it is recognised that such matters must be resolved as part of any deal moving us forward, this does not minimise the difficulty it causes many people.
Although it is apparent that there are many different strands to the Hillsborough discussions, at this stage there must be real hope that the entire deal will not unravel over a single outstanding issue.
Attention will now shift to events and statements in the coming days and weeks.
However, the focus must remain on the ultimate goal – the restoration of the devolved institutions and the full implementation of the Good Friday Agreement.
