Late Night with the Devil demonstrates how much can be achieved with a quality script and exceptional acting.
First off the performance by David Dastmalchian is simply excellent, in every sense. He beautifully and convincingly pulls off a Johnny Carson style, impression of a late night 70's interviewer. The man is wholly believable and to be honest, its his performance that drew me in and kept me watching till the end.
The story is well rendered too. Its not exceptional but there's a decent amount of originality and a sense of ambiguity, especially surrounding the main character to create intrigue and interest. Has the interviewer already made a shadowy pact with the devil? What price will he pay? Tune in, to see. 
On the down side there are obvious budgetary constraints in play. That said, but there is so much quality on offer here in terms of performances from the cast and a solid story, its really not overly noticeable. 
In summary, a flick defined by exceptional performances and a quality, Faustian style, back story. A must watch if you like "quality" horror.