Well, who knows if it will actually work? MOOCs may just be a flash in the pan, or they may end up having a transformative effect on education, making more good quality learning available to more people who could not previously afford it.
Speaking personally, I am very please that the OU is giving it a go. Given that we have previously built the OU VLE, and OpenLearn, one assumes that this will be another Moodle site, and that it is well within our capabilities to build and deploy.
Whether MOOCs work is something that the global education community will have to learn. It seems to me that the only way to learn that is to apply Moodle's pedagogy. We have to learn this by trying to do it, and I am really glad that the OU has decided to actively participate in the doing and learning, even though doing so is something of a risk.