I've seen examples of both sorts of courses from both Udacity and Coursera, so I think it really just comes down to the extent to which the instructors are will

I've seen examples of both sorts of courses from both Udacity and Coursera, so I think it really just comes down to the extent to which the instructors are willing to reinvent their material. And for those who aren't doing so much reinvention, I'm still glad they're doing what they are - I'd rather have an online class based on recycled lecture videos, than no online class.