Conan. I only watch Jay when there's a band I like on. Letterman's funny too. I dislike Carson Daly (just who decided he's funny?) and I find Jimmy Kimmel and Craig Ferguson pretty meh, but Ferguson's monologues are always very good.
btw to answer Willard's question, Arsenio got cancelled in 95 or so. Right now that show's a footnote in history for two things: 1. Clinton playing the sax and 2. The American television debut of a little band called Radiohead back in 1993.
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here be dragons