This paper reports on changes in students' perceptions of technological, course conduct, and course outcome variables as they participated in multiple online courses over a 4-year period in a Midwestern U.S. University's MBA program. While there was little to no significant change in students' perceptions of learning between their first online course and subsequent online courses, there were significant positive changes in their satisfaction with the Internet as a course delivery medium, their perceptions of participant interaction, and the usefulness and ease of use of the course software. Most of the significant changes in these perceptions occurred between the first and second times that the students participated in the study. These findings suggest that students need to take at least two online courses before drawing conclusions about this delivery medium, and that degree programs should provide focused attention to first-time online learners to encourage their participation in subsequent online courses. (Contains 3 tables.)