Former Magna Global TV analyst Steve Sternberg has been getting a lot of press requests recently wanting comments about Jay Leno's image being hurt in light of all the The Jay Leno Show, Conan, and heading back to the Tonight Show shenanigans. Sternberg says it isn't so:
I'm not sure where this gibberish began, but Jay Leno's image with his fans has not soured at all. Perhaps it is simply a combination of the press looking for a story, combined with passionate Conan tweeters. While Conan fans may be justified in their anger, it really has no impact on Leno (they have largely different audience bases).
Sternberg also notes that the Jay Leno Show performed both within his and NBC's expectations and that any notion that Leno underperformed at 10pm is nonsense.