Free lectures are great. I think all information should be free and open. Universities think it's a great idea now, but when people start using their online lectures for learning instead of attending classes and paying tuition, that piece of paper they give you will become less and less valuable in the business world, lowering demand for university training.
Universities need to change. Education needs to change for that matter. It's an open-book world now. The emphasis has to move to skills development over personal knowledge accumulation.