The classes operate on a schedule, in terms of start date, and assignments, but you go at your own pace, and participate in peer learning. You can earn a certificate of completion. Coursera's courses are taught by actual professors from well-known schools, around the world, such as Berklee College of Music, Columbia, Vanderbilt, etc.
As of October 2012, some of the topics included Music Production, Songwriting, Sound Design, World Music, and Hollywood Storytelling.
Coursera's Music and Film classes