Korea and the U.S. have agreed to an FTA. Ben Muse has a useful post here detailing the history of the negotiations. USTR's press release about the agreement is here.
Based on news reports, key issues in the negotiations were resolved as follows. From the AP:
South Korea, under pressure from farmers who were worried that eliminating protections for rice would destroy the domestic industry, succeeded in keeping the staple food out of the deal.
But Seoul agreed to lower tariffs on other agricultural goods, including American oranges.
The two sides also agreed to eliminate and phase out tariffs on automobiles, with South Korea also agreeing to change its auto tax structure for larger vehicles, which the Washington claimed was discriminatory.
The issue of American beef imports, absent from South Korean markets for more than three years after mad cow disease was discovered in the U.S. in 2003, was not an issue in the free trade talks. Still, Washington apparently came away with expectations it may be on the way toward resolution.
From Reuters:
Seoul agreed in the end to phase out its 40 percent tariff on U.S. beef over 15 years, but did not budge on the most sensitive, and heavily protected, farm product -- rice,
In the talks' big surprise, the United States agreed in principle to give certain products from North Korea preferential treatment, South Korean officials said.
That was a concession to South Korea, which wanted the goods it makes in an industrial park just inside North Korea to be treated the same as those made at home.