The MOOC is a completely different experience from ‘conventional higher ed’, a bit like a virtual learning environment open to the world. Such a MOOC is a valuable tool for those whose primary motive is to learn, to experiment with new ideas and to network with like-minded individuals around the world. It may be particularly useful for people in developing countries and those with little access to formal education.
So I don’t think a MOOC can replace a university course for school leavers. I doubt that they have the motivation or capacity for self-directed learning. To make money the MOOC will have to be pitched carefully and consider issues like assessment and plagiarism which are not issues in a free course such as this. Stanford are still experimenting.
To be pedantic if you charge fees it is not a MOOC as it is not ‘open’. It is an MCOC – Massive Closed Online Course