I believe that smart people with good technology have the potential to revolutionize education, but sometimes I think we get myopic about the details and forget about the bigger issues. If you'd ask most educational theorists what the purpose of post-secondary education is, you'd probably hear about citizenship, building knowledge bases, social networks and a bit about career preparation.
If you ask students or prospective students about college, you'll hear a lot about employment. Which is fine, except that there are too many myths surrounding the employment value of degrees. Joanne Jacobs has written an interesting article on the topic: Job Hunting 101: A degree is often worth $6.75 an hour. Her excellent blog also has some further comments on the topic.