I'm really curious what affect this will have on Universities with relatively poor teachers in these areas. I remember taking algorithms with a very nice but not altogether great teacher, so in the evenings I would follow up class with the appropriate lecture of from the MIT OCW algorithms course.
I've worked in higher-ed awhile and been a student for many, many years and noticed that independent of the quality of the school there are always smart, ambitious students to be found (the density just changes). I can imagine a relatively near future were the brightest students start class having already finished the course material at Standford, smiling and nodding at a relatively clueless prof. I've heard that there are highschools that assign their students the khan lectures for homework and in class do the exercises together, it would be interesting to see universities start to go this direction (where poorer profs would essentially become long distance TAs for Norvig et al.)