Not a fan of Leno (or Letterman either). In fact, I rarely watch any of the shows that come on after the news . . . . mostly because I can't stay awake that long.
Although I don't think it was necessarily the "cheap" way out (Leno's salary is huge, I'm sure), but it was definitely the EASY way out. Who needs to finds actors/actresses, design sets and create dialogue for 5 different shows when one man can do it all!