While e-learning appears to be increasingly present in training and education, the systematic evaluation of its effectiveness remains understudied. In this paper, we determine the mediating role of satisfaction between motivation to train and personal interaction, on the one hand, and learning and motivation to transfer, on the other hand. A particularity of this study is that we distinguish between different dimensions of satisfaction--enjoyment, utility, difficulty and take into account lack of personal interaction as a variable influencing satisfaction. Results of structural equation modelling analyses show an impact of the enjoyment dimension on learning, and of the utility and difficulty dimensions on motivation to transfer. The results also stress the importance of interaction opportunities, as these have an indirect effect on learning and motivation to transfer. (Contains 3 tables and 2 figures.)