It would be easy for people of a certain mindset to assume, given the last 8 years, that The Daily Show is simply a liberal outlet, happy to roll over and play dead now that there's a Democrat in the White House.
The very evening of the Inauguration, they went to work to dispel that, neatly skewering Obama's speech and it's use of language that sounds, in many instances, reminiscent of Bush's speeches:
[Old media player link rotted, sorry]
I find this heartening for a couple of reasons. First, I am allergic to sycophants, so I would have to stop watching the show. Second, this suggests that what The Daily Show is for is good government. That is something that will always need watchdogs, even after disposing of the heedless incompetence of the Bush administration.