VodkaPundit has an excellent summary of the record that warranted Jimmy Carter's Nobel Peace Prize. And Richard Cohen napalms the political considerations of the Nobel committee:

In their official announcement, the Norwegians -- the Peace Prize is the only one not awarded by the Swedish academy -- contrasted Carter's approach to the Iraq crisis to Bush's and then, as if no one got the point, its chairman, Gunnar Berge, told a reporter he was "unequivocally right" when he asked if the prize represented "a kick in the leg" to Bush. Unequivocally wrong! The kick was aimed a bit higher than that.
I have some questions for Berge. What if Bush is right on Iraq and Carter is wrong? What if the president's seemingly steadfast march to war mobilizes the rest of the world to finally do something about Saddam Hussein's concurrent march to acquire weapons of mass destruction? What if Bush actually gets the United Nations to enforce resolutions demanding that Iraq abide by the agreements it has signed? Who then will deserve the Peace Prize?
Or, to put it another way, what would you say, Mr. Berge, if the United States and its allies did nothing and Hussein got his hands on a nuclear weapon? What if he was then able to intimidate his neighbors or obliterate Israel, a nation where most of the population lives in two metropolitan areas? What would you say then, Mr. Berge?
In honoring Carter, the committee evoked the smugness of little powers -- the many nations whose role is to carp from the sidelines while America does the necessary business of protecting them from their own folly. In this regard, it will be a minor miracle if next year's prize does not go to French Prime Minister Jean-Pierre Raffarin, who criticized the United States last week for its "simplistic vision of the war of good against evil."
"Young countries," Raffarin told the National Assembly, "have the tendency to underestimate the history of old countries." Oui! But old countries are sometimes world-weary and cynical, urging a "realism" that is sometimes a misnomer for the moral corruption they know so very well. I will take the idealism of the young any day.