Along with the /. post mentioned by Jason, is Bob Cringely’s discussion on outsourcing education.
What is the emphasis on in-person education from specific professors? I’ve been asked for my transcript professionally once – and that’s because my current employer pays more attention to grades than technical aptitude.
I can recall only a small handful of professors I would want to take classes with, and almost none who I actually got one-on-one time with while in school. (I think there was only ever one, Dale Bryant @ HVCC.)
MIT, Berkeley, and myriad other schools are making their lectures available online for free. Hundreds of schools have podcasts of classes and special events.
So, why DO we insist on graduating from “the school” – and not learning what we can and want, when and where we can and are able?