I am not sure anyone deserves a peace prize for this and I do think that we should wait and see what happens.
An agreement to extend time in order to make a final agreement is hardly reason to uncork the champagne.
That being said, most people are unaware that these negotiations have been going on for ten years, spanning the second half of President Bush's (43's) tenure as president and, until now, all of Pres. Obama's tenure. These talks have involved a number of countries, not just the USA and Iran.
But even if a deal is reached, we need to wait many years to see if it is actually going to be honored on all sides.
I am not too hopeful, knowing what a bad track record Iran has, but I think it is fair to say that Pres. Obama is giving it his best shot, in spite of lots of treachery within the US Senate (Republicans).