I'll admit it, I'm a big fan of Pres. Obama. However, there are many more other people who are much more deserving of the Nobel Peace Prize. People that have toiled thanklessly, and in relative anonymity. Sure, perhaps their impact is not as great because they're not an international leader but I guess I thought the Nobel Peace Prize was more about individual commitment and achievement than notoriety.
The improvements Pres. Obama has brought about in international relations (North Korea, China, Iran, etc.) are arguably just part of his job and, frankly, the work of it is carried out by others (not Obama). To be fair, Pres. Bush didn't pursue these international dialogs because he didn't want to promote peace, he just (I think, mistakenly) thought that a different tactic (isolationism) would be more productive in bringing about an eventual resolution. His second term came to an end before anything really positive happened with that approach so we'll never know if it's a valid approach.
Pres. Obama does deserve some kind of prize (independent of the Presidency) for breaking through racial barriers in his path to the White House, but the Nobel Peace Prize isn't it.