Oxford University was founded in 1096, Cambridge in 1209. Harvard, a relative newcomer, was founded in 1636. Other than religions, few institutions appear to have maintained their existence or their relative status for as long as major universities. And few institutions, notably again other than religions, have seen so little change. Oxford in 2012 teaches students in ways remarkably similar to Oxford in 1096, seated students listening to professors in a classroom.
I suspect that these two facts are related; stasis in methods has led to stasis in status. And I suspect that both of these facts are about to change. Online education will change how universities teach; as a result, online education will change which universities teach.
Advantages of Online Education
I see three principle advantages to online education, 1) leverage, especially of the best teachers; 2) time savings; 3) individualized teaching and new technologies.