I've done two degrees now, a graduate and a bachelors, I see the merit in class room approaches for both.. but more so at the higher levels.
First year classes could be done away from the class room, no argument there. Second year classes are where things usually get interesting and you can start pin pointing specific topics you care about (and then have to take ones you don't to fill requirements
) and meet others who share your interests then collaborate on projects. But third and fourth year classes, and absolutely graduate level classes, require a healthy amount of interaction between prof to students, student to prof and students to students. That is a lot more difficult to capture through a skype session or recorded lecture.
University has never been about specific technical training, it's been about developing the necessary skills to learn those technical duties on the job. One of the greatest skills you can learn and develop for damn near any job is communication. Interacting daily with others and having to share work loads for projects is very crucial to your professional development.