I like the idea of Fred being the bandleader the more I think about it but I'm still not sold on Seth Myers as the host of Late Night. I think him and Fallon are way too similar. Every other Tonight Show/Late Night tandem has been somewhat of a contrast. I'd even argue Conan and Fallon were enough different during the six months they were on at the same time. But Myers and Fallon are two, fortysomething white male SNL alums. One sings, one talks about politics! That's about it for the difference.
I could probably think of at least a half dozen people I'd like better than Myers. Not to say he'll do a bad job but I think it'll just be more of the same thing with him following Fallon.