A friend of mine, a college teacher whose specialty is online education, says that one thing that makes a forum/discussion board more effective than a traditional classroom setting is increased student participation. Students are more likely to voice dissenting opinion in a virtual classroom than a physical one.
It all depends on the student and the subject, but in many cases online classes can be more effective if they tailor the lesson to the individual student. In large classrooms, there is a tendency to teach to the middle of the class, leaving high-achieving students bored, and low-achieving students lost. Correctly structured, online classes can teach to each student's level.
I agree, it is better for learning independent thinking and really might be closer to how one must learn in a workplace environment. There is the social and teamwork that might be missed a bit but also it teaches how to virtually be social and a team member. Again, more closely aligned with real-world type work where it is largely independent and you must learn to virtually communicate well to succeed. Many times clients are nowhere near you and all they know of you is a virtual representation.
I know people who cheat like hell with their online courses. Like byoung2 said, I think it depends largely on the student.
is online education more effective than traditional learning?
No.
online classes supplement traditional classroom interaction, it doesn't replace it.