I read a link posted on I'm With COCO facebook page, basically it stated a few things:
Leno relies on making fun of others, to make him look more intelligent (Jaywalking, etc) while Conan would rather be self-deprecating and look like the dumb one, even though he's probably the most intelligent person in any room he's in, much less on network television. Not saying that Conan doesn't make fun of others (celebrity survey anyone?), but Leno can't be funny on his own merits.
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