President Obama must feel a bit like the high school student who turns in his chemistry mid-term only to be told that it's so good that he has been awarded a full scholarship to Harvard. I doubt that he can be very gratified to get the Nobel Peace Prize just for not being George Bush. He must be tempted to refuse it and say "consider me again when I've done something."
It's not too unusual for the Peace prize to be given as a wish and a prayer rather than for accomplishment, but in Obama's case I fear that it will be more a nuisance than a help.
Not to minimize the importance of not being George Bush.
UPDATE: See Arun's Musings for some interesting details and not too dissimilar reflections.
I scratch my head in puzzlement - what for? It can only be for potential and not actual achievement. It is a highly political award, perhaps meant to make Americans realize how scary the previous administration was to the whole world.