The New York Observer was on hand to cover NBC's official announcement of ex-'Saturday Night Live' cast member Jimmy Fallon readying to jump into Conan O'Brien's chair as the host of "Late Night." Mr. O'Brien is set to succeed Jay Leno sometime in 2009. Standing in front of a purple backdrop of New York's skyline with the words "NBC LATE NIGHT" written in the glow of a klieg light, Mr. Fallon looked nervous. Standing beside him was his old SNL boss and now executive producer, Lorne Michaels. Moments earlier, Mr. Michaels had been described by Marc Graboff, Co-Chairman of NBC Entertainment and Universal Media Studios, as having "probably the greatest eye for talent in history." Mr. Michaels later told the assembled reporters that being a talk show host is "really the definition of overexposure," to which Mr. Fallon appeared to blanch slightly. "If you're good at it," Mr. Fallon said, "It's the last job you'll ever have."