"Stephen Colbert" is a character that was once played by Stephen Colbert: a right-wing blowhard pundit who called Bill O'Reilly "Papa Bear." When Colbert took over the Late Show, the "Stephen Colbert" character disappeared (possibly because Viacom claimed the rights to it!), but now and again, he reappears.
Last night's Late Show not only featured a welcome return of "Stephen Colbert," but also the return of "The Word," "Colbert"'s trademark segments where his riffs were counterpointed with vicious, one- and two-word comments over his shoulder. The Late Show's version of the segment is called "The Werd" (presumably to either tweak or mollify Viacom), and it's every bit as amazing as the original incarnation — and goddamn do we ever need it now.
It kicks off at 4:45.