I definitely think that the soaps should have changed their business model across the board.
Only, I think that, instead of wrestling with the networks, they should have banded together and invested in a dedicated platform that would have allowed them more freedom to invest in good quality storytelling.
Hulu was started by networks that banded together to push back against the growing influence of You Tube/Google. CBS eventually pulled their programming and it took awhile but Hulu is producing critically acclaimed original programming.
If the soap production companies would have banded together, they could've pulled off something like this. AOL, Soap Classics and TOLN each, at various times either streamed or produced soaps to varying degrees of success-- they almost pulled this off but failed because I honestly think one entity could never accomplish this alone, it would take a concerted effort by a consortium to make such a venture successful.
Also, it would take time and patience, which because many soap fans feel they've been hard done in the past, don't seem to have a lot of patience, especially when it involves change and/or technology.
I hate that the mention of digital filming technique has become synonymous with Peapack with soap fans. What Wheeler did was poor technique. Period. I've personally shot film on digital as a student and even on a low budget, it looked a helluva a lot better than Peakpack-style.