Oooh - divisive!
You should read this and think about how our models of education are in flux. 15 years ago the for-profit on-line diploma mills stirred up a lot of discussion about whether on-line education was a threat to traditional universities, and the answer was a decisive NO.
It's an entirely different type of on-line education now, with all of the best models of pedagogy available to distance-learning students, and I think the answer is much more uncertain. The expamples in this article illustrate that students can get a better education on-line even while enrolled at a traditional university, if that university's ideas about teaching and learning haven't been evolving.
Don't be dismissive of the paradigm changes in education, as the first commentator is, instead, think of the opportunities they afford, and how you as an educator or learner can participate.