CBS announced this morning that it would be Stephen Colbert taking over for David Letterman (called it! Scroll down to my post from April 4).
My schedule allows me (forces me?) to stay up late and thanks to the wonderful invention that is DVR, I find myself watching a lot of late night television. I think Colbert and Jimmy Fallon will be great as friendly rivals, and will force each other to continually up their game, for which everyone will benefit.
The "old guard" is behind us, and that's ok. Many people still revere Jay Leno and David Letterman, but their time has come and gone. Colbert, Fallon, Jimmy Kimmel, Jon Stewart, Seth Meyers and Conan O'Brien all on every night? Lots of options to pick from, which is never bad.