Well, the poor guy seemed embarrassed during his acceptance speech. I quite agree that this Peace Award was for 3 reasons:
1. A "Happy that George W. Bush is gone!" award - anyone looks good after Bush, even Darth Vader would have gotten the Nobel!
2. Encouragement from the Nobel committee for Obama as he tries to accomplish his goals, including peace in the Middle East (which will not happen any time soon), and
3. To tie Obama's hands if he ever wants or needs to conduct or expand military action.
It was probably more of #3 than anything else, as far as I'm concerned.