The Late Show with Stephen Colbert is at par with The Tonight Show with Conan O'Brien. Stephen Colbert was very good in The Colbert Report, but his transition into prime-time with a major network I don't think is working out. CBS must be worried - they might have to find another host.
Different strokes. I love Colbert. The Report was the best show of its kind on tv. Can't stand The Daily Show. I think Stephen is doing well - it basically CR without the politics.