Most courses on the web fall into one of the following three classifications:
Class 1: Annotated PowerPoint
PowerPoint is not eLearning. It is a presentation online (yes, it is still just a presentation online even if you add audio and make it an automatic Flash presentation).
Does not adhere to best of breed web characteristics.
What would you think if you went to a web site that was made out of PowerPoint?
Class 2: Daisy chained web or graphic pages
Does not adhere to best of breed web characteristics.
Is just a fancier version of PowerPoint.
Class 3: Expensive, highly produced web training
If done right is great, but can be very expensive.