I currently attend the University of Phoenix's online campus working towards a degree, and close to completing it. prior to this, I attended a community college and took both ground and online courses and found that the classes did not fit my schedule then, and I had to work with a lot of idiots. I do like the fact that online classes are flexible. There is a lot of self-discipline involved, and that low barrier-of-entry associated with this instituion means that there are a lot of bad students within the institution that don't care. However, I think that in the end if you learn from your education and can practically apply it, then I don't think the experience has been a waste of time. There have been many instances where the teammates I get for team assignments are complete idiots, but that's them, not me. Most I have completed myself because I treated it as another opportunity to learn something. I want to learn all that I can from my field of study during my time there and onwards. The only problem that I see is the stigma associated with getting a college degree online during the hiring process. I will have to contend with the fact that my degree will not be seen as a legitimate one from some companies, and I think that's ignoranace. Most employers I have talked to seem to treat the degree as a checkmark for a position without discriminating by college.
In the end, I think that college is what you make of it, both online and offline.