Hi sbmba,
You'll learn the same things in an online MBA that you would in a classroom MBA - it's just the "delivery medium" that will be different. Businesses that hire MBAs understand this, so you don't have to worry about the 'format' your MBA comes in.
When considering which Business Schools to apply to, you really have to think about your "big picture" plans, so that you can make sure the MBA matches. To that end, here are some things to consider:
1) What do you want your MBA to do for you?
2) Is there are particular field or company that you want to work in/for?
3) What type of career path do you want to be on? What do you want to be doing in 5 years? 10 years?
4) Do want to go to School full-time or work while you're in School?
Then there are all of the financial considerations (cost, whether you'll relocate or not and those costs, whether you'll be applying for scholarships, etc.). These are all big questions, but only YOU can answer them. Put in the necessary thought and research and you'll come up with the right answer.
GMAT assassins aren't born, they're made,
Rich