I'm not sure where this gibberish began, but Jay Leno's image with his fans has not soured at all. Perhaps it is simply a combination of the press looking for a story, combined with passionate Conan tweeters. While Conan fans may be justified in their anger, it really has no impact on Leno (they have largely different audience bases).
It should also be noted that the average median age of Jay Leno on the Tonight Show was 54. This means half of his viewers are 55 or older - generally an age group that is very loyal. There's no reason not to expect them to happily welcome him back to his old time slot.
NBC's Tonight Show promos during the Winter Olympics have been excellent. During the first week the promos focused on the fact that Jay Leno was back where he belonged at 11:35pm. The second week of promos has been centering on his first week of high-profile guests, including Olympic gold medalists. Both promos are excellent, and should serve to draw viewers to his return.
I'd be surprised if Leno did not take back his time-period lead over Letterman at 11:35pm
On another point, Leno's performance at 10pm was exactly what I predicted it would be when the move was first announced. NBC's rating estimates were not far off (I believe they were actually slightly lower than mine). So any talk that he underperformed or did not meet rating expectations is nonsense.