Don't short sell the value of continuous learning. If I have two resumes of people 5 years out of school, both appeared to do equal quality work, and one spent a few years getting the online masters, that would be the resume that sticks out.
It certainly doesn't trump the learning that comes from working difficult projects with smart people, but it is a sign of self-improvement.
Save that, as PG points out, the important question is what percentage of your life becomes school as a result. One poor consequence of this model could be that people spend less time working with motivated others and instead push through cedentials.