There is a negative perception about online degrees, and the perception can become the reality if that perception is held by someone who is making decisions about YOUR future...
Distance learning has been around longer than online learning...it used to be a traditional class, often taught in the evening that was run like a video-teleconference. This had the advatnage of offering direct student/teacher interaction, and since the students were together in a given location they could interact inside and outside class.
The online or CBT student is isolated from the traditional social interactions...he may learn the materiel, but he is missing what is probably the more important aspect of the college experience: social, teamwork, and professional interactions. Personally, I would consider this when evaluating someone. I would however give folks like USMC-SGT full credit for teamwork skills learned in the military or another similar job setting.
It is true that if you get an online degree from a school with any kind of name recognition, no one should be able to tell the difference. But if you get one from a school that is does primarily online courses...folks are going to know that...