Philly.com recently published an informative article about the role of elite colleges in online education. Here's a blurb:

"...It hasn't been as clear what role , if any , elite universities would play in what experts call the "massification" of higher education. Their finances are based on prestige, which means turning students away, not enrolling more. How could they teach the masses without diminishing the value of their degree?

But MIT's 2001 debut of OpenCourseWare epitomized a key insight: Elite universities can separate their credential from their teaching , and give at least parts of their teaching away as a public service. They aren't diminishing their reputations at all. In fact, they are expanding their reach and reputation.

It turns out there is extraordinary demand for bits and pieces of the education places like MIT provide, even without the diploma."

I'm a big fan of opencourseware. Offering free non-credit course material is a great way for elite universities to share their knowledge without decreasing the value of their diplomas.