A 60+ year record of peace between nations that had spent the previous centuries trying to wipe each other off the face of the earth at the cost of millions of lives is recognised by the Nobel committee. I think it's a fine achievement.
Shows the Norwegians have a sense of humour. They have shown this previously by awarding it to Henry Kissinger, Yassir Arafat and Barak Obama (the last one after he had been in the White House for at least 5 minutes).
But while they were at it they could have given the EU the Nobel Prize for Economics at the same time. That would please the Greeks no end.
Good point - time to scrap it. It has become utterly tarnished, and not just by this recent fiasco. I remember many years ago Tom Lehrer saying he was giving up writing his songs, since satire died when Henry Kissinger was awarded the Nobel Peace Prize.