There was nothing really wrong with The Jay Leno Show, but nothing particularly breakthru, either. Perhaps it suffered from several months of non-stop promotion or too many "revolution in television" stories, but regardless – the show came off as basically the same stuff that used to air an hour and a half later, just without a desk for most of it.
And that's not bad, if Jay's your thing. Monologue's the same, segments like Headlines are standard crowd-pleasers, etc... If he's not, the "format experiments" aren't likely to be enough to draw you in. Plus, they seemed mostly lifted from other, edgier shows. The Dan Band segment was funnyish albeit overlong and the faux interview with President Obama had a couple moments, but you've seen both correspondent comedy and interviews assembled via Avid done better on The Daily Show and Colbert Report.
Aside from the intentional awkwardness injected into the Kanye conversation, the sit-down segments seemed pretty standard Tonight Show – Jay's fairly good with his friends, altho seemed to miss the desk, as there was some "which leg do we cross now" fumbling. A staged bit around the idea that Jay couldn't book Oprah for his show but Jerry Seinfeld could get her for his segment fell flat.
Overall (and admittedly based on one airing), it's ok. Regular Jaywatchers will be pleased, die-hard Letterman fans won't be interested, and people without a late-night affiliation will prolly enjoy a comedy bit here and there. The best hope for the future comes from the correspondents – even tho it's not a new idea, they may have the ability to connect with a younger audience the way Jay mostly won't. One almost feels bad not being a big fan; Jay is genuine and sincere, but so far not the innovator the world sold him as.