I think online courses are worthwhile for exploring subjects, dabbling with higher education, or a particular segment of the population. I actually think many students would be better off not going away to college immediately after high school but spending time really deciding what their interests are. So I personally think MOOCs are a good way to experiment with interests and not go into debt.
I think Carey's points about the weaknesses of the typical American college experience are valid. Too many colleges are spending money on everything but what goes on in a classroom or with instruction. Instead the money is being spent on dorms, recreation departments, landscaping, etc. And far too many 19-year-olds attend college because everyone else is doing so or for social reasons rather than for academic reasons. Why so many parents are willing to fork over oodles of money or let their children accumulate so much debt without really any concrete goals or objectives in mind in attending college is beyond me.
The education sector is currently in the midst of a technological revolution. One only has to subscribe to EdSurge (an education technology site) to see the amount of changes and the amount of money involved. More and more is going online and that's for all segments of education (elementary, high school, and higher education).
Also - if you look at some of the stats with MOOCs, graduates, career changers, and retirees comprise a significant segment of the population taking them. You've got to be somewhat motivated to follow through and finish a MOOC too, which eliminates some.
