The Nobel prize would cheer someone up. Chad has an excellent summary of this over at Uncertain Principles, which includes many links to more good stuff.
That [difference between red and blue LEDs] seems like a pretty small change, dude. How is that worth a Nobel?
Well, because it’s really frickin’ hard to do.
It’s not a paradigm shift in terms of the basic physics, but it’s a ton of hard work and new technological development, and richly deserves the Nobel.
Another good piece at Starts With a Bang