Online education is not new. During the last decade, it has reached the stage where many universities offer a variety of courses, degrees and programs without any associated residency requirements. The most successful of the online universities, University of Phoenix, offers hundreds of accredited programs for close to 100,000 students throughout the world (www.phoenix.edu). Online education is considered to be a valid equivalent to traditional, classroom-based education. It is best suited to the needs of mature students with full-time jobs and a desire to deepen their knowledge. While most of the e-business has experienced severe setbacks during the last two years, e-education shows no signs of slowing down. On the contrary, the number of students and institutions offering online education keeps growing. The value of e-education associated expenditures was expected to reach $300 billion in 2001 (Sanoff, 2001), making it a serious and mature industry.