This paper reports on a survey of how Australian undergraduate students perceive the benefits of broad study modes: face-to-face classes, web-based study, and print-based study. Two benefit types were identified through factor analysis: engagement and functionality. Respondents rated face-to-face classes highest on engagement and print-based study highest on functionality. However, they distinguished only marginally between the engagement and functionality benefits of print-based and web-based study. Two variables associated with differences in students' perceptions of study modes were attendance mode and student tenure. The findings raise questions about the learning and marketing rationales for offering web-based delivery of educational programmes at the expense of both the traditional face-to-face experience and the traditional "distance" experience in Australia using print materials.