I've done correspondance school and found it tedious and slow, so I transfered into a residential program (for my 3rd degree).
I have a buddy getting on online degree that I was helping study - it's getting more sophisticated. And with more credibility.
Cool, but I still think on-line degrees will be viewed with some suspicion versus degrees from accredited universities, in part because of "paper mill" degrees.
And now the issue of net neutrality may be a real bugbear for on-line schools. Privilege rises again.
Enjoy