My son is in the WTMA Socratic Discussion class right now as well. My son is thoroughly enjoying the class so far. I would not say that it can stand alone as a 'literature' class. The selections are great - assignments include selections of short stories (Isaac Asimov, Boccaccio, Aesop, chapter of Tom Sawyer, Vonnegut, Saki, etc.) with an occasional audio story (Garrison Keillor), poem, Ted Talk, article and quotes (from Einstein this session). The kids will also read "The Little Prince", but I can't tell from the syllabus if this will be a selection or the whole thing.
Ms. Swanson is teaching them how to annotate and to come up with critical thinking questions about each selection. Both extremely valuable skills, in my opinion. However, there is not much analysis of the works, which should be included in any 'literature' class. Also, the 'discussion' component is difficult in this format of a class. Some kids chatting(not always on topic, I might add), some using the microphone. The result is an exchanging of answers to the guiding discussion questions, but not much 'discussion' building off of each other's responses. This is the first time I have signed my son up for a live online class, so this may be typical, but I must say I was hoping for more on that front.
That being said, I am pleased with the class in general and feel I am getting my dollars worth out of it. I like that my son is getting extra 'literature' to read & think about. I like that he is practicing annotating - reading the selections closely & paying attention to literary elements it was a struggle for me to get him to pay attention to on my own (metaphors, allusions, irony, etc.). I like that the kids are practicing coming up with their own questions about the work and that the questions must be of different levels of critical thinking, forcing them to make connections in their own minds between the story and the world in general.
So, I think it is great for foundational "literature class" skills, but not a literature class on its own. It could, however, easily be supplemented at home with deeper analysis and a paper or two. I am not doing so, however, because my son really likes the class now and I don't want to ruin it and negate the positive, solid skills he is gaining from it as is.
I hope that helps!