Not really, but it's no fault of his. Leno's audience older on average than Letterman's, and much older on average than Conan's, and his show is made to cater to them (like the last poster said). With Leno gone I think Dave wins the battle for old folks over Conan.
And remember, at 12:30 Craig Ferguson was getting very close to the same ratings as Conan, and Dave's a bigger name than Craig or Conan.
Although Conan will most likely get better guests overall, because his show is in LA versus Letterman's in New York, so that'll help. But I don't think that's enough, especially with Leno's show in LA being the obvious first choice for stars.