Now the Nobel awards have always been suspect considering Mahatma Gandhi (the face of non-violence) never won the peace prize even though he was nominated for five years. The committee continued the hard to understand selection process considering that President Obama might have served for just a couple of weeks as President when the nominations for this year's prize were due.
The noble committee did clarify that the award wasn't meant for past achievements but more for future aspirations. I'm not sure if they made the announcement right before or after the White House refused to meet this century's face of non-violence, the Dalai Lama. I guess future peace efforts should be encouraged as long as they do not offend the holders of your government's treasury bonds.