He's good on the Colbert Report but I don't see him being a good replacement to Letterman. After all, Letterman is an interview show, not a social commentary satire show like Colbert is used to. Ferguson would be a better choice in my opinion... he interviews people well and has good opening monologues.
CBS officially chooses Stephen Colbert to succeed Letterman in 2015
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CBS has announced that they have signed Stephen Colbert to a five year contract to replace David Letterman as the host of Late Night upon Letterman's retirement next year.
Awesome news! Colbert is a master. Much better choice than the two Craigs (Ferguson and Kilborn).
http://www.nytimes.com/2014/04/11/arts/television/stephen-colbert-to-succeed-letterman-on-late-show.html?hp