I don't watch much of late night talk shows anymore, but from what I've seen Fallon does good bits. As far as the interviews I don't know. I don't care about the celeb interviews. But that's not just Fallon, that's always been the case no matter the host. The interviews are usually crappy.
There does seem to be some fawning over the Obama White House at NBC. I'm sure they'd be happy to put a Republican President or Fisrt Lady on, though. The problem is Republicans can't get their heads out of their asses long enough to get a quality candidate, and even if they do the person would probably end up saying no to an interview request.
It did seem weird to me to put Michelle and Biden on the first week. It almost was like, "Hey, we're liberal!"