It reminds me of Lynda.com, in that the “university” includes not only whole classrooms created by real teachers, but timed, chunked tutorials on how to use iTunes U.
Apps for specific high schools and colleges are in the store, so for a Language Arts & Journalism teacher like me, it becomes another place one can go and check out assignments and curricula for content areas (note the graphic to the right in which I chose to display the Communication and Media courses available).
Some teachers are putting all their assignments and text readings on-line here, ensuring students in the descriptions that everything is available to them for free. I probably wouldn’t use it because my school uses SchoolFusion, and using iTunes U would double my efforts.
But, I would consider fishing here for content and web-friendly information I can use in class.
And, if I was a teacher whose district was dawdling about going on-line, I would definitely look more seriously at its offerings.