Not good. It wasn't good the first time around.
Watching this show, I feel uncomfortable for the guests.
"He's not funny", is probably the best way to describe his comedy. Even if he had good writers (he doesn't) I honestly don't think he could sell actual well written/funny jokes, like a real host can. His delivery is as subtle as a sledge hammer to the point of him pandering to the audience and guests.
And the dog pound thing? Really? Still with that? He should round out his yawnologue jokes with some side splitters about Y2K.
Like Leno, some of his jokes are in poor taste and come off as petty. You can poke fun, but it's got to be in a smart, funny way. Like Conan lampooning Clinton in his ongoing "via satellite" gag.
For me, he's just a talking head. He's more of an actor, trying to be a host. Take all the successful hosts and looks at their credentials. Many of them made their bones as writers for other shows or were actual comedians. They understand comedy, how to deliver a line, how to determine what is funny, what the audience will perceive as funny. It doesn't seem that Arsenio has this skill set.
So, I guess nothing has changed. The show is as un-funny as it was in the 90s.
He should stick to more scripted type hosting or maybe a game show. Late night just isn't a good match for him.