Conan mocking the audience
I like how Conan now mocks the audience at the top of the show for cheering for so long. I watch the show online so I skip all that now. When I start the show I immediately skip the first two minutes, then when he announces the guests during the monologue, and when Conan introduces the guests (again) and they walk out, and, most of the time, the musical guests, too.
There's so much wasted time on the show that the actual show is probably 30 minutes long.