Veddy interesting. Obviously changes the prime-time landscape to have Leno doing his thing at 10 p.m. each weeknight; and it suggests a major change in the way the big networks approach programming:

Though Mr. Leno will command an enormous salary, probably more than $30 million a year, the cost of his show will be a fraction of what a network pays for dramas at 10 p.m. Those average about $3 million an episode. That adds up to $15 million a week to fill the 10 p.m. hour. Mr. Leno’s show is expected to cost less than $2 million a week.

At a time when audience is bleeding to cable this makes an enormous amount of fiscal sense for the nets; but it also guaratnees the continuation of that bleed. Which might be inevitable anyway.

In a sense, this is all part of the democratization of media. More choices equals less dominance.