This paper reports findings from a study of undergraduates' expectations about, and experiences of, networked learning using computer-mediated conferencing (CMC). The data come from questionnaires administered at the start and end of four different courses, and their interpretation is informed by a set of interviews with students and teachers involved in these and other networked learning courses. Students' views were generally positive at the start and at the end of each course, though they became more moderate over time. The structure of students' reported feelings remained relatively stable over time. There was no evidence to suggest that male or younger students had more positive feelings about networked learning. The thoroughness with which CMC is integrated into a networked learning course appears as a significant factor in explaining differences in students' feelings about the worth and value of their experience. As might be expected, a well-integrated course was associated with more positive experiences.