So Leno crashes and burns in primetime and is rewarded with his old slot back? Sure, Conan's ratings at 11:30 haven't been on fire, but they have been respectable -- often beating David Letterman. And after Conan uproots his entire life and moves his family from New York to LA? Way to go, peacock.
UPDATE: The New York Times is confirming that NBC held discussions today with both Jay Leno and Conan O'Brien, and the network is not denying the possibility that Leno will be returned to the 11:30pm slot. They write that the pressure for the move is coming from NBC affiliates, frustrated with Leno's poor lead-in to local 11pm newscasts.
Affiliates (and practically everyone else on earth) were complaining about the 10pm Leno show well before the show debuted, but their concerns were ignored by NBC. Now it looks like NBC will make Conan pay for their mistake.