Great news for anyone interested in free alternatives to BlackBoard!
DrupalEd is a powerful open source content management system with the power to support the e-learning needs of large educational institutions. It is also easy enough to install and use for individual teachers/professors to implement in their own classes (for teachers who would like to abandon BlackBoard, sans IT Department backing).
Here's an in-depth look at what DrupalEd offers.
As of yesterday, April 19th, DrupalEd is ready to go! You can download DrupalEd here. You can also join the free online support community.
(The best part of using Drupal is that there is extensive support available for users and program administrators--and it's free!)