Let's not forget that universities are among the oldest institutions we know.
They have managed to adapt many times before. So while their current methods might be slightly outdated, I doubt they will be becoming obsolete anytime soon, they will merely change their mode of operation to include new technologies.
[edit] More seriously though I think 'universities' as we know them are important for particular things. What is likely to take off in the future however is good independent accreditation for private-study. The most important failing of universities at present is that you can hardly ever fail...
They have managed to adapt many times before. So while their current methods might be slightly outdated, I doubt they will be becoming obsolete anytime soon, they will merely change their mode of operation to include new technologies.