O'Reilly on "Colbert" and Colbert on "O'Reilly."

There was a big media event last night. Did you notice? Let's watch.

Bill O'Reilly begins his segment -- which he calls "Culture War" -- by proclaiming that Colbert's "owes everything to me" -- which was hilariously Colbertish. Stephen Colbert is in character as the O'Reillyish ass he plays on "The Colbert Report." Colbert expresses his awe at being "in the holy of holies" -- that is, on "The O'Reilly Factor." O'Reilly begins by revealing the shocking results of his investigation: Colbert used to pronounce the "t" at the end of his name and changed to the Frenchy pronunciation after he came to Manhattan. Colbert admits it was a scheme to get the cultural elites on his side: "Bill, you know, you gotta play the game that the media elites want you to do, okay?" After much banter, including Colbert's claims that he's Irish, Bill -- who's being pretty funny and good natured, in fact -- yells "Who are you? Are you Colbert or Col-bear?" Colbert: "I'm whoever you want me to be."

Later, on Colbert's show, the segment is called "Great Minds Think Alike." The two men sit down in front of a "Mission Accomplished" sign. (Here's the video.) O'Reilly claims he's not a tough guy, really. "This is all an act." Colbert: "If you're an act, what am I?"

Nicely done, by both men.