Is the use of an online course delivery format, when compared with the more traditional face-to-face format, good or bad in the context of university education? Those who subscribe to the no-significant-difference perspective argue that online delivery is good, because it allows students with time and geographic distance constraints to obtain the education that they need, with no significant negative impact on the quality of the learning experience. Others argue that online delivery is bad, advocating a version of the competing significant-difference perspective, because the electronic communication media used for online delivery are not rich or natural enough to enable effective learning. This study contrasted students perceptions and grades in two different sections of the same course: one delivered entirely online and the other delivered face to face. Data were collected and analyzed at two points in time, namely, at the middle and end of a long semester. The study found support for both the no-significant-and significant-difference perspectives. At the middle of the semester, students in the online condition perceived communication ambiguity as significantly higher, and also obtained significantly lower grades, than students in the face-to-face condition. At the end of the semester, no significant differences were found.