OK here's my 2-cents. About half of my education was done through traditional college. The rest through distance edu.
I guess traditional college was ok when I just got out of high school. I didn't know different so it was the norm. However now that I'm a bit older if I had to go back to a traditional B&M school I'd lose my mind. I have friends in traditional colleges and see the hell they go through with petty teachers, idiot academic advisors, MOUNTAINS or RED TAPE, inflexible schedules (this is huge if you have responsibilities), and "retarded pookie's" who spout about the merits of a war they know nothing about while a soldier who just returned is forced to listen to this garbage so everyone has "equal time." The only way I would attend a B&M school again is in a grad program from a top tier school on a full ride with a hefty stipend.

I AM SO thankful this option is available, you have no idea. I no longer have to navigate around other peoples stupidity and schedules. As far as learning. My take is this:

1) College is like a spoke in a wheel. It's a critical part of an education but is by no means a complete education.

2) You get what you want. If you seriously want to learn the stuff you will. I don't care if it's clep, DSST, portfolio, online, etc. As with ANYTHING you can learn enough to B.S. your way through or you can delve into something and know it. You don't need college to do this. For example when I did the B&M option I shoveled so much B.S. I should have worn rubber boots to class. In retrospect I'm not proud of this but I was young and had to hurry up so I could drink my body weight in beer...nightly
Conversely. I've learned enough from DSST to easily go "blow for blow" with my traditional counterpart. To study, I'll often augment books with other methods. For example when I was studying DSST- Civil war I read multiple books, bought documentaries, and even went to California's largest civil war reenactment and talked to people who are into this. For Russian History I loaded for bear! The result? I'm a tutor at a local college in this subject. Could I bluff my way through this stuff? Sure. Do I? No.
I'm not a kid who's parents mandated them to go to school. I'm in school because I want to be. I take it seriously- lest I be a dumb-ass with a degree. To put it in analogous terms it would be like getting a Black-belt without earning it- in the end you are a paper tiger- and a target.

Is it lonely? I've been watching this forum for a few months and have been a member for a few days. There is MORE comradery and help floating around this forum than in all of the time I was in traditional college.

Sorry this was a bit long to to summarize the most important point. It's up to you. You can learn as much or as little as you want- regardless of the type of school.