Should the comittee have picked him? Yes.
Does he deserve it? No.

I think the comittee was right to award it to Obama. They were sending a message that international diplomacy is a better way of solving the worlds problems than sending in the jets and Obama has, undoubtedly, become the icon of that message.

I'm not convinced he deserves it because he's become that icon as a result of personal charisma and his press machine rather than the result of any real work he's done. While he's sending out the right message there are certainly others who've worked harder and accomplished more in the name of peace than Obama has so far. My gut feeling is that he'll go on to do that work and achieve those accomplishments but he hasn't done so yet.

It's interesting to note that Obama seems to be of a similar opinion on this. In his acceptance speech, which I caught a few snippets of on the radio as I drove home, he said something along the lines of "I'm not accepting it for me but I'm accepting it for American Diplomacy".