I really like this card because I think it's the best burn card ever, and that's why it's restricted. It's not hard at all to deal at least 2000 LP damage with this card.
I would wait to set this card. A good chance to use it is when your opponent has a few face-down monsters, and you set this and the next turn you can activate it, dealing a lot of damage to your opponent and negating his Flip-Effect monsters at the same time. Or, you can simply whittle down your opponent's LP and use this to finish him off.
Strategies and game play:
This is a staple in Burn decks, and deserves to be in most Side decks. This can surprise your opponent who wouldn't expect this card at all. If your opponent knows you have this, he will think twice about setting his Flip-Effect monsters. This card is also being used to counter against Cyber-Stein decks.
Combos with other cards:
You can combo this card with Magic Cylinder, using Ceasefire before they attack, and then spring Magic Cylinder on them, dealing massive damage to their LP.
Ways to counteract it:
Jinzo can be used to counteract Ceasefire, and if you can protect Jinzo, your opponent will never be able to activate Ceasefire.
This card negates all effects of Flip-Effect monsters that are flipped by it, making them useless. This card also deals damage equal to the number of Effect monsters, which make up half of decks nowadays, so it's easy to deal a lot of damage with this card.
It's a trap so it's a little slow. It can be destroyed by Mystical Space Typhoon and Dust Tornado on the turn it's set. If Jinzo comes onto the field, it can't be activated until Jinzo is removed. This card is not too useful unless there are at least 4 monsters on the field.
This card has been printed in English and Japanese. It was first printed as an ultra rare in PSV, then reprinted as a super rare in DB1, and finally reprinted as a common in SD1.
Artwork and aesthetics:
The artwork is not bad. It's appropriate for its name, with two men signing a ceasefire treaty.
I give this card an 8.5/10.