My hope is that programs like Khan, edX, and Udacity will address this.
"Disruption" is an overused buzzword but it may apply in this case. Universities trade of the fact that their expensive product is important and exclusive. What happens when it isn't exclusive or expensive any more?
The quality of education obtained at the Ivies is not part of that.
An interesting question to consider is whether admissions to Ivies followed by independent, autodidact study can work around the actual attendance. "Here is my online coursework portfolio, research, and my admission acceptance letters to Yale and MIT . . . "
There's nothing stopping the online-U's from eventually working on reproducing or circumventing the Ivies' specific advantages.
Another outcome to look out for would be for cash-strapped Ivies to be hollowed out. i.e. become a cluster of buildings where students log on and do work online in exchange for an attendance certificate. That would preserve the quality of education and the social advantages of the university, while costing less. It would work, at least for a while until the next generation sees through the archaic model.