I had never done the Peace Council before. In the past I had either completed the civil war quest before that point, or had almost completed it, and opted to finish it instead of doing the peace council. I had assumed that it was something as simple as walking up to both sides, asking for a truce, and them saying yes. I was quite surprised when we met on top of High Hrothgar and started negotiating for territories. Lots of great lines.
I also went ahead and tried various scenarios to see what the results are:
1. All options result in a truce - no side will walk away no matter how bad the deal.
2. If you kick Elewen out of the conference, you can side with the Empire on every other single decision, and Ulfric will agree. You can give both Riften and Winterhold to the Empire with Tullius still complaining that he is getting a bad deal. Apparently Ulfric REALLY hates Elewen and that is all he really wants to agree to a truce.
What parts of Skyrim did you not discover until a much later playthrough?