I attended MIT from 1973 to 1976 - I've mourned the loss of that intense intellectual experience ever since. I don't mean the lectures, but the conversations with other students and teaching assistants who really cared about the ideas of the time. I've wished that more of my co-workers (I ended up as a software engineer) could understand that kind of experience. Most especially it enabled me to test ideas against a rigorous questioning - it was a great privilege, and one whose loss is keenly felt.

I wouldn't suggest giving up the residential experience at all! But I would dream of the day when, in libraries, union halls and schools, people who care about scientific and engineering concepts could join the conversation. I could see MIT students at all levels taking a roll in such a conversation - it works on campus!
Further - teaching is an experience which more than anything helps you realize what it is you do know, and what you don't - it should be part of any educational experience.

I realize it is difficult to discuss on-going research projects because of issues of recognition - but how about review of recently published work, or polling participants to find out what they are most interested in? I've had people ask me all manner of questions - the status of using nuclear fusion for energy, or why can't we capture energy from lightening? There are myriad public health questions, and questions about the evolution and domestication of the common animals. Of course there is great interest in economics (but I must say little faith that economists have a handle on it!) and many questions about physics and astronomy - people ask me all of these kinds of questions, because they know I went to MIT - even though my training was in life sciences and I can't hope to answer physics questions! But the interest is out there, and not just from the high school students. I think an elitist approach to science and engineering can't work in the United States - we are still a revolutionary society. If we want support and understanding of science and engineering, we need to bring it to the public.

So - I'm hoping this idea will be tested rigorously - I think it is worth talking about.