Personally, this is VERY exciting for me. The biggest challenge I have seen with traditional universities getting into "distance learning" is that they are very much focused on delivering a full "classroom" experience rather than tailoring the experience to the medium.
Example: many course videos are of a "live" class and are repeated for every semester regardless of the subject. Next to no re-use of course video is seen from semester to semester. The experience is very much one of time/place-shifting a class experience.
Also, the focus is almost NEVER on interactivity. As a distance student, you're VERY much dependent on your professors willingness to read and answer emails or post in forums.
I was very surprised that MITx had an IRC server set up for the EE class that were offering. I nearly fell out of my chair when I saw they had hundreds of people in the channel.
So, from my point of view, the biggest shift we are seeing is a willingness of the brick-and-mortar universities to consider working with a partner that is going to market their professors and university brand to a very wide audience and yet enough of an arms-length away that there is little risk to the "brand" if things go sour. The fact that there are NO for-credit courses is quite conspicuous and you should expect the universities to attempt to maintain an implicit separation between MOOCs (massive open online courses) and their traditional "residential" offerings.
That said, the writing is on the wall: the traditional model doesn't scale and financial pressure is going to push ALL schools towards this model in some fashion or they will simply become irrelevant. As I drive up and down I-95 in the Northeast, one of the things I've noticed is that there are a massive number of traditional schools advertising on billboards. This NEVER used to happen and most universities (IMHO) considered it a sign of desperation to advertise for students as opposed to recruiting.
What we are witnessing is a race developing. Think back to the early days of Yahoo/Altavista/Google. There are going to be some big winners and some also-rans in this fight. I'm betting on it.
Full Disclosure: I earned my bachelor's degree from Harvard via their Extension School and did the majority of my coursework online using their video delivery platform. I graduated in 2009 at 39 after a LONG absence from school to chase my fortune on the Internet. Best decision I ever made.