I’m an administrator for a distance education school that offers a wide variety of programs, including an MBA. There are a lot of considerations you might make if you’re looking into getting a distance education degree, especially at the graduate level. Please note that I seldom get an opportunity to offer any advice on this subject, and I have a lot to say, so bear with me if this post gets long. 
On the whole, when it comes to graduate-level distance education programs, the variance is course offerings isn’t so significant that you’d really have to worry about the applicability of one area of an MBA program being significantly greater than another. My advice would be go with the program that holds your interest and looks most challenging.
Keep in mind that policies will vary among schools and this can lead to very different student experiences. Some schools will have a capstone course, others will require a project, and still others may have nothing at all (avoid these). Most will require you to maintain a certain GPA and some will require a certain level of continuous enrollment. Different programs might require a different number of courses or courses of differing quality levels.
When in doubt as to the quality of a program, contact the school and get course curricula. Actually, it’s a good idea to call the school anyway. Get the school’s administration (not just their marketing staff) on the phone and ask lots of questions. This will also give you a chance to establish your relationship with the school and test out their student/customer service (this is an area that is sorely lacking for many distance education institutions).
I’d also advise you to shop around your local brick-and-mortar schools. Check your local university’s website to see what their online and modular course offerings look like. As educational technology improves, brick-and-mortar schools offer more and more opportunities for nontraditional students to participate in programs that conform to their circumstances, which makes them effective competitors for distance education programs, though they’re often a little more expensive.
As far as accreditation is concerned, keep in mind that a distance education school with a regional accreditation is superior to one with any other form of accreditation. This is why University of Phoenix has become such a behemoth. They’re accredited through WACS, which is a regional accrediting body, so their degrees are nearly universally acceptable. Note that I stated nearly universally acceptable! The final say for whether a distance education program is going to meet the requirements for a particular employer ultimately rests in the hands of that employer. I’ve seen a wide range of responses to that phrase “distance education degree,” some of which aren’t necessarily based on anything more solid that a general wariness of the term.
If you choose a program that isn’t regionally accredited, make sure the program is recognized by CHEA. Their list includes all legitimate national and trans-regional accrediting bodies. National accrediting bodies such as DETC are recognized, and so are generally acceptable for employers, continuing education, and state jobs (DETC claims 70% acceptance), but you might have to go above and beyond in your pursuit to have your degree approved. The upside of a nationally accredited program is that they’re generally quite cheap. 