I may be in a unique position in commenting on this phenomena. I graduated from a well regarded university as a undergraduate (too man) years ago and have been working in industry for approximately 12 years or so. As my career evolved, I realized I wanted to specialize and I've always appreciated the formality and rigors of school.

But all those things that happen over 12 years of working made returning for a masters infeasible e.g. wife, kids, an appreciation for meals that do not involve ramen noodles and hotdogs... About a year ago I had the opportunity to apply to Georgia Tech's Online Master's of Computer Science program (OMSCS).[1][2] I'm currently 1/2 through the program.

I've taken online courses before and I consistently (2 or 3 times a year) attended local community college classes on various topics or refreshers. But I feel the OMSCS program is doing it differently and, largely, is "getting it right". I'll try to cover the most common critiques of MOOC's and how I think OMSCS can, hopefully, serve as a model for other universities to expand into remote learning.

Attending a University is as much about the culture/people/experience as the raw knowledge

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I completely agree. However, GATech's program has made collaboration between students a priority. We're given a lot of tools including weekly group video conferencing with TA's, very active student forums, actively engaged/participant professors and TA's, and local study groups for students in the same general area. In some ways, I feel even more connected to professors than I did when on campus. Generally the professor was available in class, office hours, and through email. Email response was often spotty or too a few days. I get responses from a professor, TA, or student within a day if not within hours on the forums. Student provided answers often receive a "+1" by TA's or professors or a correction/clarification if that is needed.

However, it's true that the 'flow' of conversation is not as dynamic and as a consequence can be less engaging as in classroom settings given the delay of forum communication. Also, I'm sure the on campus students have access to many of these tools as well. For me personally, I was less likely to leverage the other tools if I'd already sat in class that day.

Recruiters and employers look for the 'signal' that comes with a prestigious university program

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I feel this is over played. MIT, Stanford, Yale, Harvard, Berkeley, etc. are obviously good schools. But anyone whose been interviewing and hiring for any amount of time knows they're not guarantees and much more goes into a good employee than simply making it through a rigorous academic program. But you it does carry _some_ weight. Just not as much as many imply.

One of the reasons I selected this program is the degree rewarded is indistinguishable from their on campus degree. The "signal" this provides for students and employers is the university is willing to put their full faith and credit behind the education I'm purchasing. If MOOC's are to succeed this is the only model that will work. Why should I pay the university if they insist on signaling that it is a lesser education through degree differentiation. If they are incapable of delivering the same rigor and quality, I'd rather just read a book or take a free course.

MOOC's aren't a threat to prestigious education, just community colleges and small schools

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I'm not sure I agree. Community colleges are already very affordable. Georgia Tech is in the top 5 computer science programs in the country. That's a high degree of prestige. If they can deliver on their promise, maintain the quality of students & education their delivering, if they issue degrees indistinguishable from the on campus degrees, and if they can do so at higher volumes and good profit margins other high end universities should feel very threatened. Particularly since since the margins are quite large. All the tuition goes towards the professors, TA's, and a smidgin of an amount toward infrastructure. And they can handle much larger student bodies.

That means more highly qualified STEM workers carrying your degree. Which incurs more prestige on your program and attracts more students...which you can actually accept if qualified.

1. http://www.omscs.gatech.edu

2. Full disclaimer: I work for AT&T, a partner in the creation of the OMSCS program with Georgia Tech & Udacity, though I had no involvement in that process other than benefitting as a student.