To what extent is the Internet a valuable training tool? What are the costs and benefits? Five years ago, corporate e-learning companies flourished in the race to catch the wave of the Internet boom. A substantial percentage of those companies no longer exist, as it has become clear that every training need is not suited to networked delivery channels. Today, e-learning companies have gotten smarter about what works well (and not as well) in online training, how a hybrid model may be able to capitalize on the best aspects of face-to-face and online training, and where the industry is headed.