The honor is tremendously symbolic. Think about it. First black president, First Lady a descendant of American slaves, it's a *timely* honor if nothing else. Timely in that it is *time* to recognize such things because of having risen symbolically above so much negativity and doubt.
Obama is more famous than a rock star in most countries outside the US. In Brazil, people began changing their legal names to "Barak" and "Obama" to gain greater positive association and recognition. That's the point about the symbolism involved. He is an icon. Whether you agree with him or not, whether you agree with Nobel Committee or not, is almost irrelevant because of what this does for the history books, for sending a clear message and so much more.
He has been made a symbol, an icon. That happened as he travelled abroad during his presidential campaign, culminating at the Democratic National Convention.
I don't necessarily agree with all he says and does, but I do believe he has America's greater interests in mind. But regardless, he is firmly anchored as an icon and symbol. And perhaps, overly romanticized, overly sanctified, made a saint when he's a man, but he is a symbol.