Disengaging from yesteryear's institutions is not going to help them. Best way is to force them to adapt. MOOCs seem to be the thing that will make education assess its business practices. I wish I didn't have to refer to education as a business, but alas, the idea that you can fine-tune any organization through business cases has been perpetuated.
By MOOC you mean "Massive open online course" I assume?
A diploma from a prestigious university only means you can go through better gilded doors. After that, your measure is how much money you helped your employer make.
After a while, the metric becomes what you've done (in the past) to prove your worth.
If MOOCs are taken seriously, and can compete with prestigious diplomas when it comes to that first job, then you've got a game changer.
Sadly, the only way to make a business (again, pains me to say that) pay attention is if they lose money.