After the announcement of Google's CloudCourse being open-sourced, I decided to give it a try and see exactly what's under the hood...at the very least, it would give me a chance to try out a Django app via Google App Engine, which alone is worth the time.
Long story short: I got CloudCourse up and running in a matter of minutes.
Any hullabaloo that CloudCourse as it stands now is a serious contender to existing full-featured online learning systems like Sakai, Moodle, Blackboard, or Desire2Learn is premature. CloudCourse is at its root a scheduling and rostering application, clearly designed for the internal training needs it was apparently developed to serve. No educational institution will be migrating from their current LMS to CloudCourse any time soon.