According to the NY Times, Jay Leno will be seen at 10pm Eastern & Pacific every weeknight starting in 2009.
This basically means 5 less TV shows (scripted or "reality) a season. This means less slots for shows like LIFE, JOURNEY MAN and MY OWN WORST ENEMY to via for. I doubt that it means less derivative product (it won't automatically shrink the Law & Order franchise, for instance).
Less original product and less jobs.
Verily, this doth suck.