Currently, my university is in the process of choosing a new Learning Management System (LMS). While a few were short listed, the decision has come down to just two open/community source alternatives, Moodle & Sakai.
In the past there has been a great deal of debate around LMSs. This ranges from academics who believe that any single product is unlikely to be flexible enough to meet all of the teaching and learning needs for staff & students (and there are some valid arguments that support this position), to an approach that wishes to lock the look & feel, navigation and content down as tightly as possible.
Some have suggested that an approach using personal learning environments (PLEs) is worth considering, however, PLEs seek to de-institutionalise and de-commodify education and this does not fit well with the current commercial models of education pursued by Australia's tertiary education providers.
Anyway, to read about my investigations to date see our LMS WIKI.