Don't short sell the value of continuous learning. If I have two resumes of people 5 years out of school, both appeared to do equal quality work, and one spent a few years getting the online masters, that would be the resume that sticks out.<p>It certainly doesn't trump the learning that comes from working difficult projects with smart people, but it is a sign of self-improvement.
Save that, as PG points out, the important question is what percentage of your life becomes school as a result. One poor consequence of this model could be that people spend less time working with motivated others and instead push through cedentials.