Graduated School

More and more of this endless surfing and link-chasing across the vast internet has lead me to believe there is enough free resources online to skip over the graduate education thing and head straight for whatever it is to be headed-for. Resources like MIT's Open Courseware, Academic Earth's library of video courses, and even Apple's iTunes U create a classroom anywhere you have a cellphone signal. Has the internet tackled the wheel as top on the invention list yet?