What would be the implications of MOOCs on Higher Education?

What would be the implications of MOOCs on Higher Education?
Sui Fai John Mak, Learner Weblog, January 3, 2013.

A couple of interesting points in this one. First, "If the mooc is better than the existing teaching and learning in the elite or most universities, wouldn’t that be the greatest disruption to their own 'mainstream' teaching and pedagogy?" And, all else being equal, that would be the case. More...