Arnold Kling is optimistic:
I see the potential for a dramatic reduction in the labor intensity of teaching. I think we are at a point in education that reminds of what the Web felt like in 1994. A lot of excitement is coming, and change will sweep through faster than most people expect. Traditional colleges seem poised to be the Borders Books of the next round of technological change.
I'm unsure. I spent a bunch of time in school learning how to spell and learning grammar rules and times tables. Spell- and grammar-checkers and ubiquitous calculators have, seemingly, reduced the time today's kids spend on those topics. I think that's a loss, but I'm an old fogey. More important: what has been done with the time saved? Technology can reduce the time and labor spent on memorization and drill, but we will still have to teach kids--labor and time intensively--how to think.
Bryan Caplan is less optimistic for a completely different reason.