I took pharmacology online; however, it would be difficult to recommend one delivery format over another because I think it boils down to individual preference.
As for me, I'd take all the nursing theory courses online if I could because I prefer online classes over driving an hour each way (and the associated gas expense), parking, making childcare arrangements, etc.
Nevertheless, I enjoyed the online pharmacology class and felt it gave me a good, basic understanding of pharmacology from a nursing point of view.
By the way, congrats on receiving your acceptance letter! I stood in your shoes at this time last year. Feels great, doesn't it? Brace yourself for a lot of work!