Colbert (as the Bill O'Reilly parody) is a groundbreaking legend.
I just don't see what Colbert (as late night host) can add to the genre. What can Colbert add or subtract from this formula:
Introduction by loud sidekick announcer. Welcome audience and give 4 minutes of standup. Banter with audience and sidekick. Sit down. First skit or setup. Advertisement. First guest. Advertisement. Second guest. Second skit or setup. Advertisement. Optional: Third guest or Guest band who plays the show out.
As a cautionary tale, for anyone doesn't remember, Jay Leno was a pretty good comedian before he sold his soul, got the Tonight Show, and turned into the immensely rich, disgustingly anodyne performer we see today.