  We discuss the theoretical and experimental status of the CP violating ratio
eps'/eps. We revise our 1997 standard-model estimate-based on hadronic matrix
elements computed in the chiral quark model up to O(p^4) in the chiral
expansion-by including an improved statistical analysis of the uncertainties
and updated determination of the Cabibbo-Kobayashi-Maskawa elements and other
short-distance parameters. Using normal distributions for the experimental
input data we find Re eps'/eps = (2.2 \pm 0.8) x 10^{-3}, whereas a flat
scanning gives 0.9 x 10^{-3} < Re eps'/eps < 4.8 x 10^{-3}. Both results are in
agreement with the current experimental data. The key element in our estimate
is, as before, the fit of the Delta I=1/2 rule, which allows us to absorb most
of the theoretical uncertainties in the determination of the model-dependent
parameters in the hadronic matrix elements. Our semi-phenomenological approach
leads to numerical stability against variations of the renormalization scale
and scheme dependence of the short- and long-distance components. The same
dynamical mechanism at work in the selection rule also explains the larger
value obtained for \ratio with respect to other estimates. A coherent picture
of K -> pi pi decays is thus provided.
