They are both great. I've been to dozens of live tapings of both shows and I really couldn't pick one over the other.
I have asked at both shows during the Q&A warm up with Stewart and Colbert things like "How does it feel to be the opening act for Colbert?" and "Jon Stewart is infamously against product placement and whoring out, yet last night you had prominent placement for many notable brands..."
They are both great guys with a great sense of humor and can roll with just about anything thrown at them. Colbert plays a character so he gets more latitude.
Colbert has said he doesn't let his children watch the show because he doesn't want them to think he's being disingenuous with them in serious matters and also asks what we'd like to know before he 'has to become this horrible, horrible person.'
When I asked Stewart why they dropped the tag line "The Most Important Television Show... Ever." He said they probably got stoned and forgot.
A bunch of people on this board have been to tapings of both with me and can confirm.
