The evaluation of distance learning models has become commonplace in many academic institutions. Two models tend to dominate current offerings -- an expensive audio/video real-time interaction place-dependent model and an inexpensive Internet-based delayed interaction place-independent model. By combining the most favorable elements of these models with technology prevalent in the MOO/MUD culture, a new MDU model was developed and field tested. This was a text-based, inexpensive distance learning model that offered real-time interaction and place-independent accessibility. The key element of this new MDU or virtual learning environment (VLE) model was Diversity University - an experimental object-oriented virtual reality college that enables same-time different-place text-based interaction over the Internet. During the Spring 1995 semester, it served as a platform for conducting an entire Information Systems (IS) seminar-style graduate capping course field study. The willing participants were remote students who had been relocated by their employers before completing their degrees. Since two other sections of the same course were to be taught concurrently in the physical learning environment (PLE), conditions were right for comparative analysis between the VLE course and the PLE courses. The replicatable strategy and results of this successful field study are presented. It was found that the MDU model developed and implemented here was able to satisfactorily replicate the real learning environment for the chosen course. Further, it did so conveniently, inexpensively, and without compromising the target course learning objectives. A summary of findings and recommendations is offered for those wishing to adopt the MDU model as a readily available and inexpensive distance learning option in the future.