Abstract – E-learning industry is looking forward the day when teachers and learners could manage e-learning “on the fly”. It’s supposed that learning content can be personalized, assembled and accessed on demand. Development teams would be able to build contents a single time, store it electronically in different formats and reuse it with a click on few buttons. This will be possible through using Learning Objects concept. According to some e-learning professionals the day has dawned, but to others it is still a distant future. In this paper we are examining this concept and facts “pro and con”