Peter Beinart, no stranger to good analysis, deftly captures the gestalt of problems with Obama winning the Nobel Peace Prize:

I like Barack Obama as much as the next liberal, but this is a farce. He's done nothing to deserve the prize. Sure, he's given some lovely speeches and launched some initiatives—on Iran, Israeli-Palestinian peace, climate change and nuclear disarmament—that might, if he's really lucky and really good, make the world a more safe, more just, more peaceful world. But there's absolutely no way to know if he'll succeed, and by giving him the Nobel Prize as a kind of “atta boy,” the Nobel Committee is actually just highlighting the gap that conservatives have long highlighted: between Obamamania as global hype and Obama's actual accomplishments

Obama will survive this award. The damage to the Nobel Committee itself will be greater. They've clearly fallen in love with celebrity, and with the idea of shaping the course of history—in other words, they've fallen in love with an absurdly grandiose conception of their role. The Nobel Prize Committee should be in the business of conferring celebrity on unknown human-rights and peace activists toiling in the most god-forsaken parts of the world; the people who really need the attention (and even the money). It should be in the business of angering powerful tyrants by giving their victims a moment in the sun. Choosing Barack Obama, who practically orbits the sun already, accomplishes the exact opposite of that. Let's hope Obama eventually deserves this award. And let's hope the Nobel Committee's decision meets with such a deafening chorus of chortles and jeers that it never does something this stupid again.