Online education is established, growing, and here to stay. It is creating new opportunities for students and also for faculty, regulators of education, and the educational institutions themselves. Much of what is being learned by the practitioners will flow into the large numbers of blended courses that will be developed and delivered on most campuses. Some of what is being learned will certainly improve pedagogical approaches and possibly affect other important problems, such as the lengthening time to completion of a degree. Online education is already providing better access to education for many, and many more will benefit from this increased access in the coming years. These authors discuss the impact of online education on students and faculty, the role of the federal government and accreditors in the regulation of online education, and whether traditional institutions of education are facing a threat from the growth and increasing validation of online instruction. (Contains 1 figure and 2 notes.)