The Internet seems poised to replace television as humankind's number-one waste of time.

While many Web sites rebroadcast TV content after it airs, NBC (GE) plans to premiere Jimmy Fallon's Late Night as an Internet exclusive. Lorne Michaels, the show's executive producer, said Fallon's web performances are expected to run between 5 and 10 minutes - a mere fraction of Late Night's traditional one-hour time slot.

Michaels said the abbreviated format would allow Fallon to experiment with and hone his presentation before replacing Conan O'Brien this spring.

NBC is allowing Verizon (VZ) and AT&T (T) to provide its Olympic coverage to their wireless customers via certain PDAs and smartphones, including live competition footage, daily highlights, scores and breaking news.

Who knew your iPhone's (AAPL) miniature screen would contribute to the demise of the luxury TV?