Of course. Like any form of education, it comes down to what the student/learner puts into it.
For a while I was hesitant about earning my Ph.D. online (My colleagues assured me I would have a tough time getting a full-time academic job with an online degree) after going to "good and known" schools for undergraduate and graduate school. The same would have been true for my Ph.D., but the economy went south and the program I applied to could only fund two students instead of the usual 20+. So, I looked into online programs because I would be footing the bill while working, studying, and raising two little ones. Like Jonesy0311 says, you just have to make sure the institution has the right accreditation(s).
Getting an online degree is like the infamous GPA when getting your first job. No one cares about your GPA after you land you first job (or they may not even care then if you have the talent required). The same is true for your degree. No one cares if your degree was online or not after you have proven yourself at one job or show you are talented.