Your argument hasn't convinced me. I think it's only a matter of time before a traditional university dedicates itself to a 'respectable' online component, de-stigmatizing online education and opening bachelor's degrees to the masses. The University of Phoenix might not be the overall winner, but the online business model probably will be. It's just too efficient to lose.<p>The only major hurdle I see is to convince middle-class young adults that they can still get drunk and hang out with new people while taking the online courses.