This is fantastic news in my mind. Bob Dylan deserves it so much - and he is the first rock/pop singer-song-writer who is honoured that way.
This is some sort of breakthrough for the Nobel Prize on literature as well, given the fact that rock poets are the poets of our time. I would even dare to claim that probably never before did so many people and so many young people know so many lyrical text as nowadays thanks to rock and pop, to the grammophone, the disk, the radio, MP3, and nowadays streaming and the web. For sure there are good and less good lyrics, but that is just the same as with poetry in general.
Bob Dylan has certainly spear headed this for half a century. He is a great poet and it makes me happy that the Nobel Prize committee had the courage to take this decision. Simply fantastic.