I say if you plan to work in CA, then:
-- If the overseas college you plan to attend meets 101% of the current CA BON minimum requirement, meaning ALL classes and courses are done concurrently and in the same semester (for both clinicals and theoreticals) AND their minimum hours meets 101% of CA BON minimum requirements, go for it. You need to do your internal research and ask lots of questions and in fact, if you have written proof from your college brochure (written in their information package(s)), maybe a letter from the president or someone in a high management position, etc. stating they meet those requirements. If there's a problem later, a year or two or more down the road, then, don't blame the school for their shortcomings and if you've done your part properly, just make sure the school keeps with their promises and guidelines.
-- If the college you plan to attend does NOT meet 101% of the CA BON (as stated qbove) and you don't plan to ever work in CA, then, it's fine. go for it. But understand that other states in the future may change or enforce (if already in their written policy) to do what CA has on their written books by copying CA's rules and regulations.
-- I would put down on my questions list to ask and get FIRM proof from the college you plan to attend (not hearsay):
** Where are the current graduates now as least those applying into the US?
**Have they all been able to take the NCLEX without any problems?
**Have they been able to get their ATT as quickly just like any USA based college grad?
**Can you put me in direct contact with those past students that have been successful in their getting their ATT?
**What's the school's NCLEX pass rate and it better be like most here in the State of at least 70% or higher?
If you don't get a satisfactory answer to ALL of these minimum questions, the idea of attending the college of your choice over there is not the best one to make to me. I know, that's what my friend over there says now, she wishes she had better knowledge of the situation and how CHED knew of these problems at least 3 or more years ago.
So it's not all about saving the money by skipping the US based colleges (if you plan to work in CA and can't speak for other States).
Any savings done over there will all be wasted if you plan to work in CA or any state with the same CA requirements, as your overseas degree will not be accepted here and you'll end wasting more money to attend USA classes again, not to speak of the extra time to get that same degree. There's no shortcut.