I wouldn’t say that the selection of Barack Obama for the peace prize demeans the prize. The recent selections of Kofi Annan, Jimmy Carter, Mohammed ElBaradei, and Al Gore already did that. (Yasser Arafat’s selection seemed reasonable at the time in 1994.) But by giving the award without even a plausible citation of accomplishment, they make themselves a laughingstock.
What I like about this is it is now unarguable that the peace prize is awarded as a political endorsement. It’s been clear to me since Carter’s selection in 2002, but in that case he had a record that could be cited (Camp David, Habitat for Humanity). Obama won it for rhetoric alone. Now, when we dismiss the awards to Gore, ElBaradei, etc., no one can argue.
By the way, I plan to do some seriously awesome type theory over the next decade. How about giving me my Turing Award now?