I haven't found anything online for security, but I did find University of Phoenix Online that offers a bachelors degree in computer info sys. I've found the Hacking Exposed books to be excellent resources. If your just looking for personal Knowledge I think online or self-study would be ok but if your looking to enter the field for a career, I would ask some of the sys admins, etc, on this site who hire people what there opinion is of an online college degree versus a college degree from a traditional campus. I'd be interested in how they view this too.
As I am older(late 30's) and work full time and have a family to support and would love to move into the computer field but cannot take the time to attend a traditional campus.