It appears that the House did in fact pass a real moratorium.

Section
1, which had been taken out of the bill, has been put in again with
some changes.  However, it looks fine at first glance.  No
new forced annexations can be initiated–this includes no new resolutions of
consideration, resolutions of intent, or the passage of annexation
ordinances.

If an annexation process has already begun before the
bill’s effective date, the whole process is tolled (i.e. stopped and
frozen in place until the moratorium is lifted).

Here is the new Section 1 for your reading pleasure:

SECTION
1.  No resolution of consideration, resolution of intent, or
annexation ordinance may be adopted under Part 2 or 3 of Article 4A of
Chapter 160A of the General Statutes from the date this act becomes law
until May 31, 2009. If any annexation proceeding has been initiated
under those Parts prior to the date this act becomes effective but the
annexation ordinance has not yet been adopted, any provision of law
requiring any action or notice by the municipality or any person within
a certain period of time is tolled during the suspension of authority
provided by this section. Nothing in this section shall prohibit
municipalities from developing policies, planning, collecting data, or
developing materials with respect to potential future annexations under
Part 2 or 3 of Article 4A of Chapter 160A.