Haven't seen Leno for a while since nobody in the UK is interested in showing it anymore, but Letterman is always the favourite for me.
Leno's opening monologues were long and not very funny, and while Letterman has his share of misfiring gags, the monologue overall is shorter, sharper and funnier.
Letterman also has Rupert Jee, so it's no contest really.
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