What I would want, and what makes sense to me, is a system that uses online material and lectures in conjunction with an in person, immersive physical meeting place where questions may be asked and problems worked through or tips given. I think that's the best of both worlds and utilizes the low-latency environment of a classroom best, while still capturing the in-person benefits you mentioned.

Unfortunately, class time is generally largely spent observing lecture, and the real meat of the learning is generally spent alone in a high latency environment (with feedback available via email or forums). I don't like going to class just to watch a video, and going home just to do problems out of a book (by myself), and that has been my experience so far.