As a former undergraduate Georgia Tech student, I really would've appreciated the opportunity to do my degree in this format. At the time I was faced with the choice of dropping out and diving into my job at a startup full-time, or staying in school and working only during the summers and losing the ability to take a really important role in the company. The ability to keep working on my degree online might have changed how I approached the choice.
Honestly, while it sucks that I can't take advantage of what will probably happen in the future (undergrad degrees in this format). I can't say i'm not proud to be going there after hearing about this. I'm happy that this will be an option for our future. Hopefully it's successful and affects all areas of study.
You also save $700/year by not needing a parking pass.