Can E-Learning transform the education system?

E-Learning is the new concept emerging rapidly in today's education industry. E-learning refers to web based distance learning with no face to face interaction.

E-learning is a very good concept as it allows a person to learn from anywhere in the world and it provides complete flexibility in terms of time as well. Today, abundant information is available on almost every subject and one can gain knowledge on any subject sitting comfortably at home.
One can think of having E-Schools in near future. Imagine doing a course from foreign university sitting in India.
E-schools can help to take the best of education to even the remotest part of the country. Students in villages will have access to world class study material at affordable rates and classroom sessions can be done through videoconferencing or any other suitable means.The students will save a lot on fees and simultaneously have access and interaction with quality teachers in big cities/metros.
This concept can be extended to even coaching classes and other degree courses. The institutes will also save money as they dont need to have expensive infrastructure.
Also it will be good for the environment as this eliminates the need to paper material thereby saving lots of trees.
Any enterpreneur thinking in this direction?