Well considering that Obama had only been in office for 12 days when the nominations were due, I'd say he probably doesn't deserve this award. Plus, he is still waging the wars he and his party have been promising to end for months, years even. Talk is one thing, but follow-through is what would have given him some claim to the nobel peace prize.
And one more thing to consider: Barrack Obama is now the commander in chief of one of the most militaristic nations on earth. He may not be as bloodthirsty as his predecessor but his job description certainly isn't associated with peace.
Then again, Al Gore won one of these things. They might as well start putting them in cracker jack boxes.