I pre-ordered this album sight-unseen (or is it sound-unheard?) and was left slightly disappointed after I listened to it today. The biggest reason for my disappointment is the fact that this is a live album, the songs are exactly the same (including annoying laughter) as what I saw on TV, yet nowhere is this mentioned. Since these songs were previously never released, even though they aired on Late Night months to years ago, I assumed Jimmy went to the studio and recorded the greatest hits from the show for this album. I'm sure all of the songs are live because it would have been very difficult to get some of the featured guests in a studio, but consequentially the sound quality isn't the best (they probably just ripped the audio from the video recording), and I find the laughter very annoying when listening to the songs.
The other big problem with this album is that even though there were plenty of songs to choose from, the album is only 39.5 minutes. I can't remember all of the songs Jimmy Fallon performed on Late Night, but I think there are ones I liked that aren't on the album. This problem is confounded further with the fact that the album only has part one of the History of Rap and one random Slow Jam the News.
In the end I wouldn't highly recommend this album, but I would definitely recommend that you go to iTunes/AmazonMP3 to pick and choose your favorite songs. Also, since we now know they record all their songs, I hope that there is a more prompt digital release of songs after they air on Late Night. Still, there are a lot of funny songs on this album, I especially love Reading Rainbow and Whip Your Hair, so I'll still give the album 4 stars.