As someone who is on a team running an MOOC, I would say that it depends on the context.
The main advantage of an MOOC is that it reduces the cost of access to standard content. If you are a teaching professor who teaches fundamentally the same course over and over, and there isn't a great deal of teacher-student interaction required, then it may be an issue for you specifically. However, an MOOC is not able to provide a great deal of interactivity with the teacher (largely, these types of courses are record, submit, and market), and an MOOC cannot replicate the experience of being in a lab or on a research team with peers who are all working on similar topics.
The main effect I have seen is a positive impact on smaller, less-resourced universities. For example, if a small university doesn't have the financial resources to hire enough faculty who are published experts on a topic, but published experts have created a course on an MOOC, then the university in some situations can have a professor "teach" a course in which 90% of the content comes from web-based sources. Larger, better-funded universities can still differentiate themselves by saying "we have the guy who made the course/wrote the book/etc.," and for the professor, this would be a new revenue stream because he can now reach the whole world with his course, as opposed to one university.
The changes brought by these new systems aren't going to be "bad," but MOOCs among other new systems are going to change the educational landscape, and it is good to think in terms of how you can make these changes work to your advantage.