For those of you who do not know the story of the Khan Academy here's the short version: Salman Khan began making short videos to help his cousins with math, putting them on youtube.com because they were across the country from one another and the rest, is history. If you'd like to see more of how the Khan Academy got started I suggest the interview he did with Charlie Rose.
In a nut shell the Khan Academy has grown from a few youtube videos covering Algebra topics to over 2000 videos covering economics, science and math. You can find the Khan Academy at http://www.khanacademy.org/, still on youtube.com and, now, as part of iTunesU.
I can see videos from the Khan Academy being used in tutoring programs, study hall situations, as a brush up on skills for parents and, as a way to teach students that it is sometimes more important to know where to find the answer than to know the answer.
I'm not sure the Khan Academy will turn education on it's head, as some have suggested, but I do think that it is forcing people to see that much can be done with very little.