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Leno is serving a very important purpose for NBC, and not just because of the revenue he brings in....
there's still a very "old" audience out there...and he's a "medium ground" talent between the "old" style of talk show (Johnny Carson) and the "newer" style (Conan, Kimmel and Letterman at times). The "old" audience still likes the lame, scripted bits that Jay does, and doesn't get the edgier stuff.
In 10 years, or whenever Leno retires, the current "older" audience will be irrelevant, and the sensibilities of the mass audience will be such that someone like Conan will be accepted as the host of the country's "flagship" late night broadcast.
Personally, i watch the Daily Show and Tough Crowd, then Kimmel until Conan comes on.
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