This year, the prize reflects both men's work with G-protein coupled receptors; these receptors influence all sorts of processes in the body, from smell and vision to immunity and mood regulation. Incidentally, ChemBark had no listed odds for this win
Congratulations, gentlemen! Back to bed for now...
Update, 10/10/12 - As I noted on Twitter, "Since 2000, 6 out of 13
I also asked whether the prize would fit better under "Chemistry" or "Physiology or Medicine." Apparently, I'm not alone here: see essays from Nat. Chem. and SciAm.