It is a necessary if not sufficient ingredient for meaningful learning. In the constructivist learning environments that we build, technologies are used to situate learning tasks in a variety of contexts. With video, very rich and engaging contexts can be created. But learning will probably not be affected. E-learning is currently in the hype stage.
Businesses see it as the latest panacea for whatever problems they have.
One of the requisites of substantive change in businesses and universities is to care enough about learning to invest the effort to truly understand its requirements and to create meaningful learning experiences to engage them. Unfortunately, that approach will be deemed as too expensive. You see, both businesses and universities operate from a bottom line perspective. And meaningful learning is simply too expensive. So both entities tell their learners about the world and expect them to fill in all of the gaps required to be able to practice.