Is online education a real education?

In reading blogs, website, emails, etc., I've seen opposite opinions about online education. Some people want much more of it and believe it's a great way to learn, and not just because it's anytime/anwhere. Others think the quality of online courses and online education just isn't there. Some even go so far as to say that a degree obtained through online education isn't worth anything. What's your belief about online education and its value? Do you lean one way or the other, or hold a completely different opinion?