We're talking past each other; a few points, though :). The content dissemination part of these MOOCs isn't new. You can get short lectures by VHS tape. Most classroom lectures are watered down versions of the textbooks/research monographs. PBS has had objectively fantastic educational content (not saying that all of their ed. content is fantastic, just that some of it is) for decades. It was before my time, but I think that people were initially most excited about the educational possibilities of TV, so, a priori, there's been comparable
potential impact before.
What's (probably) new is the ease of entry and the communication & coordination between students and instructors.
The low completion rates aren't necessarily red herrings; these are students that are self-selecting into online classes, so they're probably more comfortable with computers than most other students. They're also choosing classes that are particularly well suited to online instruction. So it goes both ways.
If you have links, data, whatever, please share it. Otherwise it looks like you're giving your anecdotes and opinion some sort of privileged status and I'm sure you don't mean to do that. I still don't know what point you think the article you linked to makes or refutes. And the original editorial makes two recommendations:
"Colleges need to improve online courses before they deploy them widely. Moreover, schools with high numbers of students needing remedial education should consider requiring at least some students to demonstrate success in traditional classes before allowing them to take online courses."
What's wrong with those recommendations?
As I've mentioned elsewhere in these comments, you'd probably consider me to be part of the "vested interests of our current education system" since I teach at a university. I'd bet, though, that the deans and university administrators of the world are short sighted enough to think that they're going to benefit from this direction in education (they like to cut costs). Most faculty are too busy to pay much attention. The only "insiders" that I'm sure are on top of this are the textbook publishers and standardized testing organizations, and they're pretty flexible about their revenue streams.