If you were to log in, you'd be able to get more information on your fellow community member.
Does MIT offer something that, for example, UMASS doesn't offer for undergrade engineering? In 1976 I asked just that question, and decided the answer was "no". The course offerings were identical. Over the years, I've worked for Purdue (a state school), Harvard, and UPenn, and have concluded that I was right. UMass should have the edge with size.
On the other hand, WPI (private engineering school in Worcester) offered pass/fail courses, independent study and required projects. WPI wasn't (and isn't) cheap, but IMHO, was worth it.
Despite excellence, WPI had to constantly fight to retain accredidation. Some departments (EE in particular) found ways to teach by the old rules. The status quo can be an ugly Goliath, even to an institution sized David.
It goes without saying that the web-student must be self-motivated. Self-motivation may be helped if there is a carrot at the end of the tunnel. (for some, maybe not).
Traditional exams are very...