Here's an example of someone making good use of this new media.
Salman Khan has created thousands of short videos to teach students everything from simple mathematics through to university science. Students around the world can watch these videos for free at the Khan Academy. Students can study the topics at their own pace, and repeat a topic until they understand it before moving on.
There is a podcast interview with Sal Khan on IT Conversations, where he discusses how the academy began and the successes it has achieved.
This is an example of where the Internet is used for good. To be a student in the Internet age poses many distractions and dangers, but it also brings many wonderful opportunities for learning.