I've been homeschooled, and have taken online classes.
With the internet, from Wikipedia to small websites on a certain topic, the internet has made research and homeschooling much easier. Yes, I still did use textbooks and read, but the internet itself has been a great learning environment to pursue at your own pace.
Some of the learning management software I've used improved over time. Often, most of the learning management software was Moodle with a wimba classroom. The wimba classroom was not quite so good, but Moodle (despite being spotty at times) worked well for its purpose.
With the Pearson network, they're running a custom system that technologically is different (webobjects and asp), however it isn't too distracting to show flash presentations, submit assignments for grading, run discussions, etc.
If someone comes along and makes a great OSS or SAS solution for a learning management system there is certainly room to improve.
The difference between my experience is the cost is a concern to those using these programs so they try to find the best and lowest cost solution.