I love this concept and give the author credit for articulating it so well. My only suggestion would be to add a social component to the program.

Meeting people is the most important part of college. The vast majority of graduates find jobs through their personal networks. If finding a job isn't your top priority, students who expand their circles grow intellectually as they exchange ideas with people who have different perspectives.

Having said that, I've thought about putting together a do-it-yourself comp-sci degree that involves attending local Meetup events. One of the great things about this field is that, in most cities, there are active communities surrounding what it is you want to learn. So it's possible to capture the personal networking experience of college without the tuition.