Unfortunately, the people writing checks don't ask "how could it be better for the same money?"; they ask, "how could it be equal for less money?"[1] Yes, we have an opportunity to make education much, much better. With the exception of a few places like Harvard and MIT, most of it will pass right by the US.
[1] I see a small possibility where the strong teachers unions get behind this as a future-directed way to save teaching jobs, and that could make all the difference. However, unions aren't too smart at predicting and driving assive upheavals. Instead, they will likely fight any change kicking and screaming.
You will know the true revolution is here when "the people writing checks" has moved far closer to "the consumer".
I actually expect about 80% of the true revolutionary reform to essentially come out of the home schooling movement, and trickle up to the universities, who will hold on to the traditional ways the longest. While what the universities are doing now is a critical step, I don't expect them to ever escape "University lectures and homework, but on a computer!" on their own, except that they will eventually have no choice.
[1] I see a small possibility where the strong teachers unions get behind this as a future-directed way to save teaching jobs, and that could make all the difference. However, unions aren't too smart at predicting and driving assive upheavals. Instead, they will likely fight any change kicking and screaming.