This x1000. With all the improvement in educational technology, it's weird that the gold standard of elite education apparently remains the lecture.
I am reminded of the quote: College is a place where a professor’s lecture notes go straight to the students’ lecture notes, without passing through the brains of either.
Part of the issue is that college-as-elite-networking-venue needs to remain scarce, by definition, if it is to retain its value. If everyone can "go to Harvard" (through online delivery, enhanced ed-tech, automation, etc) then the scarcity is lessened. When you go to an elite college, you don't just get an education, you get association with a brand that, you hope, retains and increases in value.