Well…I have concerns with some of this…
First, it skirts the “M” issue, which is a problem I’ve had (I am offering an open online class with 90 people). How many people to qualify for Massive?
And we do offer a certificate of completion… (again, I seem to be running an Open Online Class excluded from the definition of MOOC this way).
Also, only some MOOC instructors volunteer their time. Others are paid for the central/paid portion and are volunteering in accommodating outsiders.
I’d love it if you’d take a look at the Wikipedia definition of Massive Open Online Class — I worked on it some as part of EduMOOC but it needs more work… 🙂