I got my first bachelor's through an online school, which I was then able to use to get into an accelerated nursing program (I did science pre-reqs at a brick-and-mortar). My experience with them was very good. I had an advisor who was very supportive and helpful in thinking through what I wanted to do with my degree and what I needed to do to get there. I happen to be a very independent, self-motivated learner and classroom learning is just not for me. I do most of my learning on my own, through reading books and articles, not through listening to a lecturer. I also have kids and was trying to minimize time away from home.
Going the online route probably cut a few years off my schooling because I took the maximum course load each semester. Being able to take classes from home enabled me to complete many more credits than I would have been able to otherwise.
For the actual nursing and masters' programs though I went with highly regarded traditional nursing schools. I gained a lot from collaboration with fellow students which just isn't possible in an online setting, not to mention that you can't learn clinical skills online. I also don't think students should have to arrange their own preceptors and when they do schools have little control over the quality of students' clinical experience. I think though that they could have offered more online courses for things like nursing research, nursing theory, healthcare economics etc.