Brad Larson, an engineer and also a teacher of an iOS programming course, wrote up his experience in working with the new iTunes U Course Manager software which is part of the recently announced iTunes U upgrades.
He goes into great detail about how it all works and what the capabilities are for setting up a course and in the end seems happy with where Apple's headed with it:
As you can tell, I think this is an extremely powerful tool for educators who want to provide their courses to the world, or even improve the experience of their local students. iTunes U has allowed me to take a class I taught for only two semesters and put it in front of tens of thousands of people worldwide, with more discovering it every day. All of this is provided for free (assuming you have an iOS device or something capable of running iTunes). While the new iBooks textbooks received most of the attention from last week's Apple event, the improvements to iTunes U should also have a significant impact on education.