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I'm a big Colbert fan, and in all honesty I don't think he was as 'on' as he usually is. My guess is he was pretty damn nervous to be delivering that piece in front of the Pres. I also think the bit he delivered could have been better (yoghurt? Butter?), the video was definitely too long.
Having said that, I still think his performance was staggering. I've watched it several times, and keep being impressed that he had the guts to do it. Whether he was 'funny' or not, the media should never have ignored someone actually being able to penetrate the president's bubble, and having the courage to do what SC did. Period. If the story was "Colbert bombs while calling the president on his numerous lies" then so be it. I was on the NYTimes web page today, their little snippet about Colbert and the blogs is their most emailed story. This should tell them clearly that they made a mistake ignoring the story, unless SC was write, the president is the decider, the press secretary tells them, and they type...