The purpose of this article is to analyse some of the key ongoing debates in transnational higher education (TNHE). First, we discuss a selection of the claimed benefits and drawbacks of TNHE for home and host country stakeholders (students, governments and institutions), and then we suggest alternative realities, for which there appears to be evidence in practice. It is concluded that (1) recent TNHE developments on the provision side act as a counterforce to the spread of neo-colonialism; (2) international branch campus development continues but there is evidence that the forms, motives, and markets of these initiatives are changing; (3) distance/online/MOOC programs do not pose a threat to the sustainability of other forms of TNHE; (4) the majority of TNHE programs are of acceptable quality due to high levels of competition in international higher education markets and increased regulatory demands from quality assurance agencies; and (5) these forces also contribute to students generally being satisfied with their TNHE study experience.