A university education is more than just sitting through lectures. A university is great for exposing undergraduates to research. And if you're lucky, you will be taught by professors who will use their own research data within the lectures to explain particular concepts. As a young engineering student, I started assisting professors with their research beginning in the second year, which ultimately led me to my post-graduate work. That element would definitely be missed if one was sitting at home watching lectures on the computer.
In the end, it depends on what one is seeking. If someone is seeking training for a particular job, recorded lectures would be sufficient. But if one has no preconceptions about his/her career path, going physically to a university has strong merits.
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