Also, students are going to be trying harder because they are going to be competing against the world. Imagine if no in-class student was in the top 1,000?
Also - you're paying for the grade & the transcript, not the content.
How much is the grading and transcript worth? How much does it cost? I think there's a great opportunity for a startup to just focus on offering transcripts. The hardest part of education is the course content. The grading and transcript part is easy.
I love the concept of open education. But it seems to me that universities who do this are self-destructing. Does Stanford really want to base it's value proposition on its administrative staff? "Anyone can get the knowledge for free. But if you want certification from the Stanford administration staff, that will cost you $150,000. Come to Stanford and get a diploma!"
I'm looking forward to this.