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I think the reason why Letterman is pissed is because he is still bitter over losing The Tonight Show. He also knows when Jay comes back, he'll be bringing in the ratings again.
I think in due time, this will all just be a bad memory, but things will go back to the way they use to be. Jay will be making jokes about all this again one day when he finally retires, and another host takes over, but before then, people will forget all this hopefully. NBC wants $$$$, and ratings, and they want it now. They had no other choices back in the 90's when they gave Jay time to make the show a hit, but they had options this time, and waiting two years or more for Conan to get his act together is not doing smart business in my view.
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