As Jayson Boyers argues over at the Huffington Post, competency-based education omits the social and relationship-based aspects of a college education, which often yield as much career benefit as classroomknowledge to those just entering the workforce.
And, based off the early success of Udacity, Coursera, and the likes of the Kahn Academy, I do think the future classroom will impart knowledge in unexpected and more effective ways.