Understanding today's Internet-based distance learning systems for effective and successful implementations is a growing interest both for researchers and practitioners. This paper clarifies the differences among the first- and second-generation Internet-based distance learning systems. A closer look is given to the key players in this area: the student/learner, the professor/faculty/teacher/facilitator, and the administrators/IT (information technology) administrators. The paper then builds an argument for the future of next generation distance learning systems based upon the current issues concerning Internet-based distance learning and Internet-based distance learning systems. It is assumed that, in the next few years, broadband Internet access and the use of Internet appliances will increase the demand for Internet-based degrees, with more emphasis on real time collaboration as the key for learning success, especially Internet-based MBA (Master of Business Administration) degrees. The paper prepares the groundwork for future research that seeks scientific evidence for enhanced student learning experiences from the combination of the first- and second-generation systems. It is the author's opinion that in the near future students will pay a premium to sit in conventional classrooms and interact with professor and classmates, as opposed to today, when students pay a premium to attend Internet-based distance learning courses. (Contains 16 references.) (MES)