The schools have committed to a combined $60 million ($30 million each) in institutional support, grants and philanthropy to launch the collaboration. Here is an excerpt of their FAQs.
EdX will be available to anyone in the world with an internet connection, and in general, there will not be an admissions process. For a modest fee, and as determined by the edX board, MIT and Harvard, credentials will be granted only to students who earn them by demonstrating mastery of the material of a subject.
Is there anything innovative about the online technology?
Yes. It will move beyond the standard model of online education that relies on watching video content and will offer an interactive experience for students. And the technology will be open source; other universities will be able to leverage the innovative technology to create their own online offerings.
edX press conference:
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