On line teaching ineffective?

From Techcrunch | by Gregory Ferenstein  | March 22, 2013

72% of the professors who taught on line courses MOOCs (Massive Open OnLine Courses) do not think their students deserve credit.  Are these professors correct?

Or they simply protecting their turf or job?

An on line professor could teach several classes simultaneously;  which means less teachers/professors are needed. 

However, in my 10 years in this kind of work:

l.  Certain on line activities work:   research, posting of assignments, submission of assignments, videos;

2.  However, learning occurs when there is interaction among:  professor and students, and students with their peers.  In grad schools, the rich resource of learning are the many number of hours of experience of other students that are harvested mined only in class and group discussions.  Face to face interaction brings out the best in class work;  that is taken away in on line interaction

What is your take on this?