In other words, Leno's 10 pm show bombed:
Pressed by affiliates and shrinking ratings, NBC has a plan in the works to radically alter its late-night television lineup, restoring Jay Leno to his old spot at 11:35 each weeknight, while pushing the man who replaced him, Conan O’Brien, to a starting time of 12:05 a.m. [...]
And while NBC officially said no final decision on the plan has been made, two senior NBC executives who have talked to NBC’s top management about the moves said that under the plan being discussed Mr. Leno would definitely shift back to 11:35 but in a half-hour format, while Mr. O’Brien would slide back his start time by a half hour and then produce an hour-long show.
I bet Conan's just thrilled. Of course, he'll be gracious and witty as he asks for generous compensation for the move. I'll be interested to see how this affects the ratings during the 11:35 to midnight slot. If they dip after the Big Move, Leno's toast... or charred toast.