This collection of essays explores the promises and perils of massive open online courses (MOOCs) from the perspectives of faculty, students, and observers with direct experience developing and participating in MOOCs. The essays reflect on the complexity of defining MOOCs and evaluate their potential impact on higher education, both positive and negative. Contributors discuss their impressions of MOOCs based on the most recent experiences, and consider possible future directions for MOOCs. Overall, the collection aims to further the discussion around MOOCs beyond the polarized debate that has occurred in other media.