Here's what I think: No thank you NBC
I looked forward to it for years, ever since they first announced that Conan O'Brien would take over for Jay Leno on the Tonight Show I counted the days. Conan is hilarious and as I've said before it's hard for me to stay awake to 10:30 let alone the 11:30 time slot he had on the Late Night Show.
It is my opinion that Jay Leno is not funny. His delivery of jokes is not well timed, the jokes themselves are not creative or witty in the least, and sometimes it takes the audience a few beats to even respond to his jokes. At least when that happens to Conan he makes fun of the fact that the joke didn't land and gets a good laugh that way.
I was delighted when Conan got to be on earlier in the late night line up because although I can't always keep myself awake to watch the entire show I'm most interested in watching his monologue because I'm guaranteed a good laugh before going to bed. I was also happy that he was finally getting recognition from NBC for being so hilarious, I feel like NBC has always diminished how talented he his and given him the short stick.
When I heard that NBC was going to give Jay Leno back his old time slot I was worried that they were asking him to take over for the Tonight Show and just out right firing Conan. However, what they are doing is just about the dumbest thing I've heard. They want to give Leno his old time slot, but for his current show, push the Tonight Show with Conan O'Brien back to 11:00 and then push Late Night with Jimmy Fallon back to midnight. That is ridiculous! They should call a spade a spade. What makes them think that Leno's show will do any better at 10:30 than it's doing at 9:00. His show sucks, it's not funny, and if I remember right his Tonight Show ratings weren't that great either and it's because of Jay Leno himself and not the time slot.
It appears they are giving Conan the option to continue on the Tonight Show at a later time or just leave. Personally, I think NBC has jerked him around enough and they deserve to lose him. He has a strong fan base among young adults and he would probably be more successful on cable anyway. NBC doesn't deserve him, they can just suffer with the crap ratings they are going to get from Jay Leno (and the almost equally unfunny Jimmy Fallon- he was better on SNL).