When it was first announced, I wasn't sure. Considering how specific his act was on the Colbert Report, it was questionable if he could still thrive in a more generic late night show format. However, after leaving Comedy Central, his departure left a sizable hole. I like the Nightly Show (which filled his time slot) but it isn't the same. To the point that any time Larry Wilmore so much as mention's Colbert's name, the audience goes nuts. And that's what tells me Stephen will do fine in Letterman's chair. His fan base may be 'basic cable' in size right now, but they are a very rabid fan base and they will follow him where ever he goes (myself included). If he can instill that same love in mainstream viewers, he's going to be just fine.