I thought it was great. I always thought that Conan was a bad pick for The Tonight Show because it's far too mainstream and cookie-cutter for Conan's wackier sensibilities. He's a comedian that strives on absurdest, quirky humor and what made him so popular and funny in the first place was how he was able to utilize that irreverent humor so well on Late Night.
Conan seems like a much better fit. He can still be wacky and quirky and not have to worry about appealing to a mass audience, because let's face it, Conan's unique brand of alternative humor is more niche and doesn't really appeal to a mass audience. The older demographic just doesn't get Conan's zany antics -- they much prefer either the smug dryness of Letterman or the safe and bland Leno. Conan's style lends more to a younger demographic and I think that's why we got the type of guests we got.
I watched the show with my friend and he asked, "Why wasn't Tom Hanks the first guest?", and I think we got guests like Seth Rogen, Lea Michele and Jack White because they service a younger, hipper generation which is exactly the type of audience Conan is going for -- Conan is, if anything, that nice, cool, laid back nerdy every guy that is very socially and contemporaneously relevant thus his draw power. My friend also complained that this first episode didn't do enough to promote the future of the show and was too focused on referencing the past, but that's a double-sided sword: If he didn't mention the NBC fiasco, he'd be criticized, so he had to on some level. The real question is whether or not Conan's loyal fanbase will stay with Conan as his new show progresses throughout the weeks and months, and I believe they will. They were able to come out in drones to support him during The Tonight Show fiasco and they will stick with Conan with his new show. I'm not sure if he'll be a late night juggernaut -- I think his appeal is too niche and specific to ever top Leno or Letterman -- but it looks like his main competition is Jon Stewart anyway, and I think that's just about right.
I honestly believe Leno and Letterman are the hosts of the past, and Conan and Jon Stewart/Stephen Colbert represent the future of late night television. I could be wrong, but I think Conan is going to stay with us for a very long time.
George Lopez is probably screwed, though.