A Bachelors Degree is a Bachelor's degree.... regardless of how you earned it. You just didnt get the face-to-face instruction / lectures.
Well that's not necessarily true, although on paper it could certainly make an applicant meet minimum position requirements (as I mentioned above).
Here's a good example. A few years ago we had an employee in our product support department (phone support) who received a Masters degree in Computer Science from University of Phoenix local classes (someone outside of my department). He was close to computer-illiterate, but he sure had that paper. He had applied for a transfer into my department (Information Technology) and I interviewed him as any applicant with no prejudices from having known him for years and his abilites (or inabilities, as the case may be). He ended up toward the bottom of the applicant pile, by the end of interviewing. I couldn't hire him. He was so far away from being ready for an IT position it's not even funny. He ended up leaving our company and taking a slight pay-cut some place else.
In contrast, a good friend of mine graduated from the University of New Mexico with a Masters in Computer Science that he worked on for probably around 8 years. Even before he was done with his degree he was getting out of state offers, begging him to work for them, and $200k/year salaries on the table. He even interned at a network security place in town, part time, for more than I'm making currently, full-time. His experience and skill-set clearly helped with that, but the UNM degree actually did something for his education and status in the job market.
Now, obviously there are exceptions. Someone with book knowledge and no common sense is just as worthless to me, as someone with no skills whatsoever. On the other hand, someone with a good background, self-teaching and proven skills, perhaps some certificates to prove some skills, good common sense and ability to learn fast, can easily slip into a decent position -- even with the intent to move up the ladder within the company as they get more comfortable with him/her. Someone like that, with a degree from an actual college has a big advantage, as is the case with my buddy described in paragraph 2.