Before Conan got back on the air, Craig Ferguson was simply tops. I love narrative and it feels like his show actually achieves continuity with novel DIY recurring gags and long-standing inside jokes that make it feel like you're following more than a talk show but a continuous character narrative with a talk show portion tacked on for good measure.
I haven't watched much TV since high school, but his is the one show I actually do regularly watch on TV now. He's great as a personality, literally a wild and rambling one man show, and perhaps as a consequence of his candid nature he doesn't get the best guests, unfortunately. Just behind Conan, he's the best talk show host, with Jimmy Fallon a distant third (Colbert and Stewart are kinda their own, wonderful, seperate thing).
Lately he seems to have abandoned his skits, but I hope he returns to more pre-planned hilarity (wish he'd sac Geoff and bring back Sid et al.) because as admirable as skilled improv is, his sketch work is incredible because improv is more properly the garnish rather than the comedic meat.