Translation of Greek on Jacob's Tapestry, Revisited

Back in May 2009, I posted translations of some of the Ancient Greek text on Jacob's tapestry (see the original blog post).  At the time, the only portions that were clearly visible and had been translated were the text across the top and middle of the tapestry, which read:

"May heaven grant you in all things your heart's desire" (or "May the gods grant thee all that thy heart desires"; this is a line from The Odyssey)

 "May the gods grant thee happiness" (a line repeated twice in The Odyssey)

Since the last time I updated that post, there has been an additional translation of the non-torn portion of the bottom of the tapestry.  It appears to say:

"Only the dead have seen the end of war"

This phrase makes me think of what Jacob said to his nemesis at the beginning of the Season 5 Finale about how he would eventually be proven correct, and that "Anything that happens before [he's proven correct] is just progress." Is the war over between Jacob and his nemesis, now that the nemesis seems to have found a loophole and killed Jacob by using Ben as an assassin? Has Jacob's nemesis won the war, and if so, is this the same war about which Charles Widmore warned John Locke?

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