You can search by date, time and location of airing and then edit your own clips to post or share. It's only in beta now but there isn't any added advertising... yet. Although it still includes ads that appeared in the broadcast but you can always just fast-forward.
The extensive search looks inside broadcasts to find specifics like names, phrases, and other details. For example, if you search "Colbert Report" you get the whole episode, but if you search "Colbert Oregon" you go right to this part (which I edited myself):
And you can even navigate between a whole hour of TV to watch the Daily Show and Colbert Report back to back.