Virtual Schools?

So, I hadn't even heard of this.  There's a charter school in Chicago, the "Chicago Virtual Charter School," that is literally entirely web-based.  

The article is rather glowing, but I have to say, my first reaction is quite mixed.  On the one hand, it's a pretty incredible use of technology.  On the other hand, I have a not-so-glowing gut reaction to it.  

Your thoughts?