The internet totally took care of the information problem. It's no longer the role of a university to provide access, but to create new knowledge through research.
The internet helps take care of the feedback problem, and I think web-apps will keep coming that match people with each other to give feedback on their efforts. So colleges are in danger there.
The internet can also take care of the certification problem, because the value of the certificate (diploma) is pretty much completely tied to the brand value of the certificate-giver. I can see an online university establishing a name for themselves in the future.
Colleges should focus on things that the internet can't do, like providing spaces for people to meet up and learn together.
I sometimes must ask a friend still in academia to download a PDF of some slightly older CS paper for me.
I also miss the wonderful university libraries. The public libraries are not nearly as good especially for more specialized matters.
I wonder if universities will have to go even deeper than they currently are to compete with the internet, or if the proprietary databases and large libraries will inevitably be made irrelevant by the internet.