The responses via comments were truly fantastic. In fact, they were too fantastic to have them "buried" as comments. And I wanted to add some of my thoughts, so I'm post again on this topic.
Oh, and, as always, the answer is "it depends" - but let's try to come up with a few suggestions...
Should go in the LMS -
- Only finished content.
- Anything with per-learner, strict tracking requirements.
- Certification/Accreditation management: companies still need to know who went through which course and when, and what was his/her score at the end of it.
- Learning paths: some competencies require that content is presented in a specific order, an order that could be hardly reproduced in informal learning by learners without direct guidance.
- Content that's associated with the course content.
- Content that doesn't need strict tracking.
- Content that needs fast access
- Put things in both places
- Build a rich web of connections to make sure they connect together