The University of Florida has the #1 Internet MBA program as reated by the economist (their traditional program is ranked #37). The program tries to give you as much of the expirience of a residential program as possible. The lectures are presented via video from the traditional MBA professors. The classes are divided into cohorts, so you get a similar team expirience as the traditional students get (you just have to figure out how to coordinate with folks across the country). It also requires you show up at Gainesville for finals and orientation to the next term. The internet MBA is also indistinguishable from a traditional MBA in terms of your transcript (nothing is denoted as internet), although you cannot do a concentration with the internet MBA.
I'm a Naval Officer and wanted to earn an MBA during my shore tour. I am unable to do a traditional program while performing my duties and the only executive/professional programs in my area have zero respect. I was accepted to UF's 2 year Internet MBA program last Friday, and I'm convinced its the best fit for my needs.