Personally, I'm loving my MOOC -- offered through Courersa, it's a 10 week course called Fantasy and Science Fiction: The Human Mind, Our Modern World, taught by Eric Rabkin, Arthur F. Thurnau Professor, Professor of English Language and Literature, and Professor of Art and Design at the University of Michigan. (I've agonized about it a little, here and here.*)
This MOOC is no push-over. It's a novel a week, plus an essay (300 words), plus peer reviews, plus video lectures. Plus the forums, although I don't have a lot of free time to hang around in them.
Overall, it's brilliant. My brain is positively pinging with ideas and connections. And even more, I like being part of a new kind of learning, I'm glad to be a guinea pig in this thoroughly open experiment with opening university-level education to whoever has an internet connection.
Other people have described the history and potential ramifications better than I.. if you're curious check out Thomas L Friedman on MOOCs in the New York Times.
*I got a "5" on my Dracula essay this week, by the way. Ouais!