I still think people are under-estimating just how important him getting the Letterman style deal of full ownership. Letterman produces his own show from his studio and then CBS just aires it. He refuses to even let CBS execs into the studio. Fox would not given Conan that type of deal. TBS did.
Conan will be more free to do what he wants on this than he was even on his Late Night on NBC. And freed up Conan is when Conan is at his best (look at his last week on the Tonight Show when he stopped paying attention to what NBC told him to do or during the writer strike where he had to make it up as he went along).
I don't give a shit what channel it is, I care that he is given more control over his show which thus means it will be funnier. Why would I want the restrained Tonight Show Conan on Fox when I can more Late Night stlye Conan on TBS? I am not a tv exec I don't give a shit what channel logo is in the corner. Why should I?
There's someone who doesn't think this is a downgrade? He should have just taken the NBC 12am slot.
Content wise it would be a downgrade compared to his TBS deal. He didn't have "final cut" as it were at NBC, he does at TBS. Not to mention TBS is giving him more money than NBC did.