Knowledge is a commodity, but that's been true since Gutenberg. It's just a little more true now. Unis could have mailed out videos of lectures in the past, for a relatively small fee.
Interaction and communities are important. I'm guessing that online 1:1 interaction is a lot weaker (though Skype could help a bit) because it's so slow. Online communities are better, as 1:N interactions can be more powerful. The question is, how important was one on one time with your lecturer? I'm guessing it wasn't a big part of your university time, unless you were doing a high level course. Too many students to lecturers.
Infrastructure and facilities (especially labs) ... except for online journal subscriptions these are getting pretty weak these days anyway. Old-timers love to gas on about the time they nearly blew up the chem lab, but I've never been allowed near the sort of things they were able to do. For some reason. People doing a big research project (on something that isn't just computational or theoretical) get a bit more play, but only on one machine.
In short, budget cuts and commercialization have killed most of what most universities have to offer anyway.