Sebastian Thrun (who taught the free online course “Intro to AI” at Stanford last semester) has quit his tenured professor position at Stanford and started his own online university called Udacity.  “Now that I saw the true power of education, there is no turning back. It’s like a drug. I won’t be able to teach 200 students again, in a conventional classroom setting.” 

Udacity’s first two classes are “Programming a Robotic Car” and “Building a Search Engine”.  Both classes are 7 weeks long and will have online lectures, exams, and programming assignments in Python.

Clarification:  he notes that he quit his tenured position to do more work at Google and continues to be a non-tenured professor at Stanford.