The fact that this will be offered for credit at accredited universities with physical campuses is really intriguing. Often efforts like this have difficulty getting the institutional buyin that will lead to real change.
As a side note, they could have chosen a name with a better acronym -- FU already has meaning attached to it for a lot of people.
I imagine the people who wouldn't be able to get past the 'FU' thing probably wouldn't bother going to university anyway. It's like with the Wii, we all had a little giggle when we first heard it and then we got over it.. except for those few people..
It isn't the people going to the university that will be the problem: it will be trying to explain what you are doing to your parents, employers, or friends. I got my degree from "The College of Creative Studies", which has one of the top physics programs in the nation; this is understood by grad programs you talk to, but all those people external to the academic process just look at you as if you are insane, and went to some kind of lala-happy program.
As a side note, they could have chosen a name with a better acronym -- FU already has meaning attached to it for a lot of people.