Nat and I don't stay up that late very often, but when I do, I always go to bed with my belly hurting from laughing so much. Most of the times, like last night, I catch him on Fridays.
Some say that "he's the best thing to happen to late night tv since Carson." He doesn't seem to get too much credit for having a great show, but much like Conan was on Late Night, I suspect he has a very loyal following who hangs on his every show.
Craig's show is a bit different than Letterman/Leno/Conan. He does bits just like them, but the biggest difference is in how the show opens. He does a long monologue. Like a REALLY long monologue compared to Jay and Dave. I never noticed it until a friend (who also works in late night tv) mentioned to it, but indeed, he was right: sometimes the monologue goes past the 30 minute mark and is broken up with commercials. In fact, he can carry the entire show by himself without guests and I wouldn't mind it one bit. That's probably because the typical guests are pretty bad. On more than one occasion, I had never heard of the guest before their appearance. Another notable thing about the monologue is how "close" he is to the camera. It is a bit jarring at first, but quite endearing after seeing it for a bit.
He's also the first host "since Carson" who dresses up. Again, I never noticed it, but the friend (the same one!) who turned me on to Ferguson mentioned that it was notable.
But...don't take my word for it. Take 9 minutes of your life and enjoy this.