Perhaps the Nobel Committee has confused when April Fool's Day is supposed to be. Or perhaps the field of candidates is really that weak (sarcasm; according to reports, there were more candidates than ever).
Obama does not deserve the Peace Prize, period. This is nothing against him; and he even seems to acknowledge that he is undeserving (and I don't know whether he appreciates the gesture, or is irritated at the heightened expectations it will bring). This reflects poorly on committee that made the award, for watering it down, and overlooking someone who would be truly deserving.