Having spent a lot of time in traditional education, and a lot of time teaching myself new things on the Internet, no, just throwing computers at kids is not going replace classroom education. The main difference between the two is depth and breadth. With a classroom education, you are confronted with topics that you are unlikely to have ever considered on your own, sometimes out of lack of interest, sometimes because the Internet tends to focus on certain aspects of various topics while ignoring others. You just can't get anything approaching a comprehensive education in any field just by reading things online.
Perhaps even more importantly, a good fraction of education lies in not just learning facts, but in doing: in learning how to research a topic so as to produce a compelling argument, in learning how to solve problems, in learning how to perform laboratory experiments. These experiences are irreplaceable.
But perhaps most crucially: most people just aren't self-motivated enough to educate themselves. And even for those that are, it isn't easy to do it yourself.