Did you read the article? Leno's ratings are slightly worse than Conan's in the 18-49 demographic only. Not overall, and Leno still maintains a higher 18-49 than Letterman. No one believed that Leno would get higher 19-49s than Conan. That's why there is no uproar, it's not like Conan is just blowing Leno out in that regard either.
have you guys seen this? Its pretty funny. <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/EzNhaLUT520?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/EzNhaLUT520?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object> they even turned it to a song. <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/hMtZfW2z9dw?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/hMtZfW2z9dw?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
while Conan was put in a lame situation, I hardly feel bad for him- he got a multi-million dollar buyout PLUS exposure that money can't buy. He'll be fine.
How is Leno overrated? Sure he sucks. But I have never heard anyone say he was funny. So I think he's appropriately rated.