We present the main results from our 940 ksec observation of the Chandra Deep Field South (CDFS), using the source catalog described in an accompanying paper (Giacconi et al. 2001). We extend the measurement of source number counts to 5.5e-17 erg/cm^2/s in the soft 0.5-2 keV band and 4.5e-16 erg/cm^2/s in the hard 2-10 keV band. The hard band LogN-LogS shows a significant flattening (slope~=0.6) below ~1e-14 erg/cm^2/s, leaving at most 10-15% of the X-ray background (XRB) to be resolved, the main uncertainty lying in the measurement of the total flux of the XRB. On the other hand, the analysis in the very hard 5-10 keV band reveals a relatively steep LogN-LogS (slope ~=1.3) down to 1e-15 erg/cm^2/s. Together with the evidence of a progressive flattening of the average X-ray spectrum near the flux limit, this indicates that there is still a non negligible population of faint hard sources to be discovered at energies not well probed by Chandra, which possibly contribute to the 30 keV bump in the spectrum of the XRB. We use optical redshifts and identifications, obtained with the VLT, for one quarter of the sample to characterize the combined optical and X-ray properties of the CDFS sample. Different source types are well separated in a parameter space which includes X-ray luminosity, hardness ratio and R-K color. Type II objects, while redder on average than the field population, have colors which are consistent with being hosted by a range of galaxy types. Type II AGN are mostly found at z<~1, in contrast with predictions based on AGN population synthesis models, thus suggesting a revision of their evolutionary parameters.
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