This really sums it up. I hope for more low cost, regionally accredited online universities in the near future. I'm particularly fond of University of the People's tuition free model (in which student's pay only for proctoring and assessment), and hope to see more developments similar to this but on a regional level. Or, alternatively, accreditation being awarded by universities if mastery of material is adequately and reasonably proven.

I find it sad that my favorite lecturers have all been online, yet I must pay the premium for services I don't necessarily want (namely physical, real time lectures in a geographically fixed location, and all the overhead associated with it) if I want 'real' accreditation.