Re: "...so there’s no need for all those tracking features." That's a can of worms. Testing isn't the only thing an organization would want to track is it?

I guess I'm a bit more pragmatic. Big ships take a long time to turn around. Based on my experience, many LMS vendors are mashing things up and integrating web 2.0 tools making social learning a reality for organizations with high security measures in place.

By putting "Learning Management System" in quotes and prefacing it with "real," I suspect you don't see value in such systems. What makes an LMS "real?"