The Nobel Committee has failed in executing Sir Alfred Nobel's will.
The peace prize is to be given to person(s) / society who meet very specific criteria: that [which] renders the greatest service to the cause of international fraternity, in the suppression or reduction of standing armies, or in the establishment or furtherance of peace congresses.
Intentions are not sufficient; nor are initiatives. One needs to actually render the service. President Obama has not yet managed to do that. In fact, the Nobel Committee has done Obama an injustice. It deprived him an opportunity to actually prove that he is worthy of the prize.
While the other 4 prizes are given away by Sweden, the peace prize is given by Norway. During Alfred Nobel's time, Norway was seen as more neutral of the two. Not sure it is the same now. The Peace Prize, except for some notable exceptions, have always been used as an instrument of furthering the cause of what is seen as right or convenient by the western countries. It has already lost its importance. Why can't it just be scrapped?