obama won not because of anything he did, but rather because he represents the end of the bush presidency.
on that level, the award makes some sense. but it's still not a good idea. obama isn't a symbol, he's a person. and there are a whole lot of persons out there who are much more deserving than the president currently is.
besides, it's possible that obama will somehow pull off something that is deserving of the peace prize later on. by virtue of being president, he has more opportunity to advance the cause of peace in the world than most people. what if he, for example, brokers a treaty that leads to the creation of a palestinian state? i don't think it will happen, but it might. and if it does, will the nobel committee give him another prize? if they really wanted to give him a bullshit nobel, they could have done it later. at the very least, they should have waited to see if he deserves a real one first.
as a nobel peace prize nominee myself, i know everyone was waiting for my comments about this.