Many of us have talked about this for a few years... Stanford on iTunes is the first fleshed out site I've seen (other places are working on them) ...
A public site targeted at alumni (eg. money given alumni) and a campus restricted site with course based materials.
Over 100 student music tracks (free) on the public site -- some of the faculty lectures look interesting. The claim is this will be rapidly expanded.
(thanks for the link Dakin)
prediction: This is going to be a necessary mechanism for campus outreach, fundraising, and development. It is also a nifty way to host classroom podcasts.