My take on this:

-Conan is in the right, and NBC is in the BIG, BIG wrong here, and Jay Leno as well. The Peacock is already last in ratings, or near there... why kill one of the few great franchises they have left? The are KILLING the show Johnny carson thrilled America with for 30 YEARS (that's Kennedy to Clinton!) and the show Jay Leno... well, he was on the show, anyway. Conan is getting the shaft here, and everyone knows it... because NBC just screws talent, and Jay failed in prime time.
-Jay Leno has gone from untalented hack to untalented hack AND jerk in my book. It was one thing when you were just unfunny in the slot, Jay... but now you're going to steal the chair back because you failed in your own venture?
-Now, I always have and (for the forseeable future) always will watch Letterman's "Late Show." He's who Carson wanted to have the "Tonight Show" anyway, and even now, as he seems to wind down a bit... he still has EXPLOSIVE nights (Sarah Palin Wars, anyone?) Letterman and Ferguson (who's probably the best Late Night man right now) give CBS an increasingly large grip on the late night tv market

One more thing I have to say- I don't care too much for Conan (or his "current" network) but at LEAST he IS sometimes funny... and actually his anti-NBC monologues of late are the funniest I've ever seen him... NBC's in for a world of hurt on all sides: they look stupid and terrible for doing this, Jay now has gone from nice-but-not-funny to mean-spirited-loser-and-not-funny, they're probably going to lose not only Conan and the integrity of the Tonight Show but many future stars, as who's going to want to risk signing with them after THIS?