I'm a little late to the party--my various ailments have taken longer than expected to recover from. But though the timing may have been political, the prize is well deserved, indeed overdue, as plenty of other commenters have noted. I would offer my congratulations if I thought that the good professor cared to get them.
One of the most interesting things that I've read in multiple commenters is that his most important insights seemed obvious. I think perhaps the deepest economics insights do--after someone has pointed them out. Everything from comparative advantage to the Coase Theorem makes you slap your head with the inescapable logic of it, and wonder how it can have escaped the human race for so long. And still, it takes a genius to reveal these obvious truths to the rest of us poor slobs. Krugman's math is far too impenetrable for this English major, but the conclusions are as clear and lovely as a bell.