My parents have been in the vanguard of the distance education field since the 1960's, and consequently, I've been immersed in distance ed, on-line education, 'mixed mode instruction, and all the other variations on this theme that have come and gone, and I've thought about it a lot.
Fundamentally, I don't think there's any argument that education is changing, and the role of a professor is changing. With any luck, the large classroom-based instruction format will go extinct; there's certainly no advantage to sitting in a lecture hall with hundreds of other students listening to some guy quacking away at the front of the room and scratching on the chalk board, vs watching a good video tape of a lecture (like a TED talk). That is not to say that there's no advantage to face-to-face instruction, but it derives from student engagement and interaction.
As these MOOCs, podcasts, OpenLearning, eInstruction, etc. etc. etc. resources become more and more available and the instructional design improves, there will certainly be opportunities for anyone to access the best lectures by the best lecturers at any time from anywhere for free. Understanding why this is not a catastrophe (indeed, I think it's a good thing) requires three things: firstly recognizing that only the most trivial subject matter can be taught in that didactic 'lecture' style; the increasing availability of such resources frees universities to go back to what they're actually good at - individualized instruction and mentoring. Secondly, while the internet can provide essentially limitless excellent resources for independent learners, it does not provide evaluation, critical feedback, or accreditation. So if you want to be self-taught, good for you... there's now more and better resources for you to use to teach yourself almost any topic. But if you want or need any help learning more advanced subject matter, and if you want a degree that documents your achievement, you're going to need to engage some instructional and subject-matter experts at some point along the way. Finally, in fields like the performing arts, engineering and the natural sciences, expertise is often not strictly theoretical; you need to learn to actually do physical things and that requires practise with corrective feedback... i.e. labs or performance courses.
What I expect to see is the disappearance of the "Intro" course; the course with hundreds of anonymous students in a lecture hall is going to go extinct. And not a moment too soon in my opinion. In its place, universities will offer tutorials and workshops where students who have watched the videos, read the books, or otherwise consumed the content aspects of the course on line, will engage with the content by doing problems, discussing in small groups, performing skills they've learned, doing labs, etc. under the supervision and evaluation of instructors who will provide corrective feedback and accreditation of their progress through the curriculum.
Since we won't have to be wasting so much time lecturing, university professors can be providing much better instruction by developing and evaluating problem-based learning exercises and mentoring individual students. Students who don't need this individual help with a given topic will be able to progress through it more rapidly, rather than having to plod along at the speed the professor feels is appropriate for the class (but which is too fast for some, and excruciatingly boring for others), and then go to their professors for help when they run into their own individual limits. Students that have trouble with certain topics won't feel intimidated about spending time with their professors clarifying, as that's what the professors will be doing (rather than breezing in, pontificating behind a lectern, and breezing out with some vague comments about office hours).
So yes, change is (finally) upon us, but no, it's not the end of the professor as a career.
{also, I should point out that undergraduate instruction is only about 1/3 of a university professor's job; research, training of graduate students, and other scholarly activities generally consume the majority of a professor's time}.