Are Learning Management Systems the best solution for e-learning?

Do you think, learning management systems are the best kind of software for e-learning and long distance education? Should universities really spend all the money in LMS software such as Blackboard? Which tools are you using for your online classes? Do you think they are sufficient for your needs? Or do you know of software you would prefer? 

What is your favorite Learning management system?

To all users and administrators of learning management systems!! Are you using Blackboard, Moodle, Claroline, Ilias, ATutor, D2L? What do you like/dislike about it? Does it work well for online learning? Which tools are your favorites? Instructors, do you feel the LMS enhances teaching? Or are there better tools for online or blended learning? 

I would be happy about any input of what you think!