Stephen Colbert and his conservative identical cousin "Stephen Colbert" say farewell to President Obama. It's reasonably funny but also has some points to make. This was originally broadcast last Thursday, the night before the inauguration.
There are a couple of in-jokes in the sketch having to do with legal matters related to Colbert's previous show on Comedy Central. On that show he portrayed a parody of a conservative, and after he left for CBS, attorneys for Comedy Central told him that they owned the rights to that character and also to his segment "The Word." In response, Colbert announced that he would henceforth not play the same parody conservative character but rather an entirely different one who just happened to look the same and was also named "Stephen Colbert." He also created an entirely different version of "The Word" that was identical to the previous version except for being called "The Werd."