Congratulations, Paul. You've done great work, and you definitely deserve the prize.
A couple links to Marginal Revolution, who give an overview of the decision and work of Paul Krugman, and who explain so-called 'New Trade Theory,' for which Krugman apparently won his prize (though, Krugman has explained that the idea certainly isn't new, he just put it into a workable model--it's also worth noting that he doesn't agree with all of the implications of the model... but there are problems with every model).
Mark Thoma has spent some time showing off some of Paul Krugman's work, recently, including Krugman's defense of macroeconomics (a great read for an economist, I think), and a quote from The Accidental Theorist on how to think about economics (the relevant section is even available as part of the limited preview on Google Books, page 17 of the book, or so).
The Accidental Theorist is actually the first economics book I ever read, and probably contributed heavily to my decision to pursue economics as a profession. I apparently owe much to Paul Krugman. He has written that he never had truly great students like some other professors have had, but he has certainly had an impact on me.