I agree. What made Letterman a good late night host was that he was the best interviewer (better than Leno or Conan). He was the funniest with the guests. Leno and Conan were much funnier in their monologues and their skits, while Letterman knew how to interact with the guests the best, and that's where he was his funniest.
But Letterman seems to be burned out and just running on fumes these days. Its like he's just showing up to get his paycheck and not giving it his all. As a result, Leno is kicking his behind. Leno puts in the work, and it shows. He's the least "naturally talented" guy perhaps in the history of late night TV, yet he more than makes up for it by working his tail off. With interviews he stinks, but he's great with his monologue and opening skits and the like. He manages to really put together a solid product.
Letterman is washed up. Plain and Simple.
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