After 10 years as an engineer, I received my MBA from UW Oshkosh in December of 2006. Read on for my opinion on online courses...
I took my foundation courses (accounting, marketing, etc.) online through UW Oshkosh, and once I was accepted to the MBA program I took classroom courses.
Online courses: They're great if you have no other option, but in my opinion you don't learn as much, and they are a LOT more work. Since class participation is an important part of your grade, picture yourself in a classroom. All you have to do is occasionally raise your hand and spout off, trying to sound as intelligent as you can. The same participation level online is unbelievably time-consuming. You have to upload your written participation to the web site, which takes more time than talking because (1) What you write will undergo more scrutiny than what you say, and (2) Speakers can stutter and say "um" occasionally, while writing is held to a higher standard for grammer and punctuation. You have to listen and react to what other people have written, which usually means you have to read everyone else's postings. For the same level of participation, a ten-minute conversation in a classroom is accomplished by an hour of reading and writing.
I ultimately received graduate honors and membership in the Beta Gamma Sigma international honor society. If you knew me during my undergrad years you would be shocked at those honors...