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A friend of mine also got their Master's online and mentioned the same pro's and cons as Shesus with the added con(well, depending on how you look at it, anyway) of NOT slacking off because they do tend to be a bit more time-constrained and it can be too easy to avoid getting on the computer. You have to be really committed and organized.
With 'real-life' school, you get in the mindset of 'well, I'm paying for it I better get there', but you're home, so the thought kind of slips. That for me was the deciding factor in actually going to school in person.
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Don't blame me. I didn't vote for either of'em.
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