I don't think online degrees are looked down upon per se, as any effort to educate yourself is generally a good one. That said, I don't know that they can fully substitute the full experience of a traditional degree. The time you spend at college or university is an important time of self-discovery. You don't necessarily need to live on campus or attend full time - but having the in-person contact with professors and classmates is a very valuable part of the learning process.
Another option for an online degree might be one with a residency. I'm actually enrolled in an online graduate program at the moment and for my first class I had to attend a one-week residency on campus. This allowed me to expand on the difficult subject matter I was learning, meet the professor face-to-face, and meet so many wonderful classmates. Now that I have met almost everyone personally, I feel it enriches my online experience. This is a perfect mix of both worlds because with my work schedule I would not be able to attend traditional classes.
I hope that this helps - best of luck to you!