Nobel Prize for Literature goes to Mario Vargas Llosa.
You'll recall that this time last week, Tomas Transtromer was favored to win, with Vargas Llosa showing odds of 45/1.
So, there you go.
UPDATE: More on the Vargas Llosa win here. My favorite reader comment so far: "You win a few, you Llosa few."
Another overview of Vargas Llosa's body of work from novelist William Boyd.
Also: The inevitable conversation about who should have won instead.