Benjamin Pynt wrote "The Flexible Learning Environment @ ANU" in a 2007 edition of "Peppercorn", the publication of the ANU Law Students Society. This looked at the current online education systems provided by ANU and discussed what might be done in the future. This is a very useful article. Perhaps someone could point me to an online copy.
Benjamin makes the point that other world class universities have made moves to flexible learning. One of the ways I can see the ANU could accommodate this is by a blended approach using online materials for group teaching sessions on campus in a flexible learning center. This way the university does not just become a web server for students sitting at home.