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Leno does well with the older crowd and had higher ratings overall for the Tonight Show, but from what I understand when Conan took over even though he lost the #1 spot the show held he was in the lead with the 18-49 demographic, the target audience for many of the shows advertisers. The problems really came when Leno came on at 10 and killed the nightly news lead in for local affiliates. Local affiliates started complaining they didn't want Leno leading into the news because they were losing viewers and it was costing them ad dollars in their respective markets.
I love Conan, but I don't think the tonight show was the right fit for him. I think he will find success on another network doing what he does best, his own thing. He let the Tonight show moniquer and format stifle him and he lost a little bit of the edge that made him so great on the Late Night. He'll kick ass somewhere, most likely fox.
I think Jay Leno's about as exciting and edgy as a wet paper bag. I hope he tanks.
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