Is the 4-point formula for Kashmir proposed by Musharraf a workable solution?

If you have not heard about this formula, here is the the text of Pakistan President Pervez Musharraf's interview with NDTV.I think it is a good proposal to move forward. First I hope this is a sincere effort at peace from the other side of the border .On the same token , it is going to take a lot of effort to get the support of all the hardliners in our homeland .You can’t satisfy everyone but I hope the majority will embrace it.

The proposal is broad based but there are so many fine details which need to be worked out. How is this autonomous Kashmir going to look on the map? Are both the governments ready to give them independent status? The idea of a third of the council being represented by each country will be a nightmare. Can Kashmir ever prosper? Will any other solution work?

What are your thoughts?