I generally don't care for the late night comedy, so no real preference, but as someone that follows programming decisions, I'm very annoyed at NBC keeping Leno, which essentially burned local news programming (fewer viewers on NBC at 11 than a channel with drama), as well as Conan's ratings.
Also, the 11:35/12:05/1:05 thing isn't yet final. Conan is trying to convince them to leave him at 11:35, and drop Jay (a good decision, IMO). It won't be official until they choose post-Olympics programming (which, btw, will cause NBC to lose $200 million!).