I got into Conan because he had better musical guests (or, more *my* taste). His show worked well for late night... you're tired, a little slap happy... "A masturbating bear! That's hilarious!". The same show wouldn't have worked an hour earlier, and trying to be something he's not doesn't work either. I haven't watched much of TTS since he took over (because I change the station when Leno comes on), but it's like they're holding back. The show is way too mainstream for him. I'd be fine with them moving him back an hour.
BUT DON'T PUT LENO BACK. He sucks. Or do... I don't care... I'll just continue to not watch him. I don't know the whole story, but my initial reaction when I saw that he had a new show was to compare him to Brett Favre (except less successful, since Favre is actually, amazingly, still pretty good).
Conan would fit in well at Fox since they don't seem to be as conservative (in a politically correct sense) as the major networks. But, even though I like him, he's not the right guy for the show.