For other areas, like theoretical physics and philosophy, however, the lecture and the seminar are awesome.
So we need to be careful not to paint the world with an engineering brush.
I think that in Computer Science in particular you can completely move to video recorded lectures. Some say that we need live lectures so that people could ask questions, but from my experience, the questions asked during lectures are usually inane (mostly stemming from the fact that the person didn't pay attention) and could be answered by simply rewinding the video, or looking something up online. At the worst case, you could always email the professor/TA.
I guess the only thing being lost here is the social aspect of college where you get to meet new people.
It's conceptually simple, "orientation-like" material that can be learned fairly effectively with lectures.