Most employers and the general consensus in academia is that online degrees are trash.
The names of the schools do matter for some people. Recognize when you attend any specific school you are also buying into the social network it entails. Ever notice the majority of the past few presidents attended Ivy Leagues schools? Person A knows Person B and gets Person C hooked up because they all did their MBA at Harvard.
This is not to say that an MBA from a tier 2 or 3 program is not valuable - it is very valuable. In some environments though it will not carry as much weight but in most it will.
My personal beliefs directed me away from the tier 1 programs. I do not like the "good old boy" network and my personal belief is that it doesn't matter where you get your education, what matters is what you get out of it. The purpose of an MBA is to learn executive management and that can be done in any decent program.