Is an online degree worth anything?

You've seen the spam: "University diplomas!!!" "Get your bachelor's degree in 30 days!" These so-called "degree mills" will sell you a fake degree without requiring anything more than your credit-card number.
But legitimate, regionally accredited programs, such as those from the University of Iowa, Duke University's Fuqua School of Business, Bellevue University in Nebraska and the University of Phoenix (part of the for-profit Apollo Group), do exist. They offer the real opportunity to earn bachelors and master's degrees, even doctorates, online -- sometimes without ever setting foot on campus.