I think 4 years on campus is a must because we don´t only go to campus for learning we go to campus to get the "spirit" of MIT.
e-learning is ok but, in my opinion will never and it must not replace the classroom unless is a course or a training after you complete a career. One very interesting and challenging point I found on MIT quizzes was, sometimes, questions where you have to use your criteria to offer or to provide an answer, where potentialy, many answers might be correct. This is something you have to do on a classroom but this put extra energy and time to the teacher or professor in order to correct the exam...
I know that MIT recruite the best student´s therefore results will be good, on average but sometimes professors were very bad giving lessons. This is a point you might work, select good professors with passion to teach, able to present real cases, real information, willing to stimulate students, willing to listen them, capable of guiding discutions.
I did have twoo bad experience at MIT with one professor, his book was much better than his lessons and with another he was unable to answer questions and was not to strong with knowledge.
Experimets should be on-line and alive, not simulators, because real life is real life and there is only one way to teach in this case!

Best regards

Eduardo Testart