My algorithms professor is using the videos from the Sedgewick and Wayne course entirely as a way to present new material in place of lectures. He's teaching their book and his view is essentially that his time in lectures is better spent answering questions and interacting with the class than introducing new material that has been extemely well presented on the web already.

I can attest to the quality of Sedgewick and Wayne's lectures, and I have a lot of respect for my professor's humble and novel approach to teaching this course.