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This is not the first time someone has tried to use video to reinvent education. I could only find one article about it:

http://www.jstor.org/pss/30188314

TI-IN came to my high school during my junior year. My first computer science course came over this system, as well as trigonometry and elementary analysis. It had a significant impact on my life... so yeah, Khan is not wrong.

ETA: I found their Facebook page: http://www.facebook.com/group.php?gid=87541707984