It can be frustrating sometimes. I took classes that were online. Business Law was not bad online but Statistics was hard to follow online. Although, I did learn a lot through it. I guess as the technology improves more, I'm sure the online learning component will be more rewarding.

I earned my MBA and am currently working on my doctorate online. I also teach at three online universities. I think the online experience is fantastic, but it is critical that you research the program and speak to people that have gone through it. In terms of time, it is a life saver, especially if you have a family or heavy work demands. But... you must have the self-discipline to get on the computer 5 days a week and get through the assignments and discussions. Also, online learning is usually based on adult learning theory, which heavily incorporates the use of learning teams or collaborative learning communities. This can be a huge challenge and adjustment, and you must perpare yourself for issues of group dynamics. However, you will find that the online student is more mature and focused in general.

I just finished getting a bachelor's degree completely through internet and mail classes from Eastern Oregon University, and overall my experiences were very positive. There was the occaisional professor who was difficult to reach, but I never had any major problems. Most of the teachers, in fact, were a constant presence and almost always answered student questions within a few hours. The actual format of the classes seemed to vary widely depending on the instructor's personal tastes and the subject of the class. Some were almost entirely discussion based (through online forums like this one), others had streaming video lectures, and in a few we worked on projects as a group.
Despite my overwhelmingly positive undergraduate experiences, I have heard that other people have been much less fortunate with internet classes. I think it is important to be careful. Making sure that the school that the class is offered from actually exists might be a good place to start (I've actually heard of people taking internet classes from fictional universities). Also, a lot of distance education classes might not be from accredited universities, which may or may not be an issue depending on your situation.
I wouldn't be able to comment on how internet classes compare to the more traditional classroom setting, however, quite simply because, after being homeschooled and then recieving my undergraduate degree completely through distance education, I've never actually been in a traditional classroom.

Jesse, I don't know if you still frequent this boards, but if you do, would you mind me emailing you with a couple questions? I couldn't help but notice that you said some of your family has went on to Harvard Law School and Oxford College, and since I, too, was homeschooled and am interested in those colleges, I had a couple questions.

My online classes teach me what I permit them to teach me; my learning depends entirely on my efforts.
I am finishing my undergraduate degree online; my physical disabilities require me to adapt to my studies differently than other students.