Creating these virtual degrees is pointless and loses respect really quickly. Just like security certifications serve only as a filter for the lowest candidates and don't actually add much to some qualified.
Projects, interests and output talks, b.s. walks. (This is coming from someone who ended up getting a CISSP... sigh)
As a scaled-back example, I worked through the Stanford iPhone Programming course. It was great, even without videos of the lectures or being able to ask questions. The slides and exercises provided context, structure, introduced material appropriately, etc. Much better than what I'd been able to piece together through tutorials and sample code from Apple. In the end, it was nice to know that I had the same basis that the Stanford students had when they worked on their class projects. Those projects got written up on Techcrunch, too. http://www.techcrunch.com/2009/01/22/stanford-students-relea...
Honestly, I think the proliferation of certificates and degrees has had a negative affect on the value of higher education, RE: that "marketable degree" you mentioned. Not to mention that some (myself included) could argue a 2 year tech degree is currently more valuable than any non technical bachelors.