I don’t think an on-line degree will have the prestige of a full-time masters program, but unless you live next door to U or Arizona it is likely much more practical and will yield you a valuable degree. I don’t believe 100% of applicants would be accepted, that is very vague on the webpage, but you need a BS in engineering, physics or math and a 3.0 which would rule out a lot of people, do we count them as not accepted or not applied ?
Similar differences exist between a lot of full-time high ranked programs and their programs for working folks, for example at Johns Hopkins, you even get a different degree title, but then again Hopkins is Hopkins to most people. Outside of Bal-Wash, it is all the same (although a savvy employer can tell you did not take years off to do your masters).
Personally, if you are in driving distance to a good university, I would probably recommend a part-time on campus program maybe that allows a few on-line classes, I think you would learn more and maybe even have an easier time on tests … but not sure if that is practical. Would I drop far down the prestige ladder … not sure …
I think a completed U of Ariz EE Masters would get respect, while you are working on your degree you can even list coursework you have already taken, I would think employers would like that if you say have taken graduate version of classes that relate to their work.
Your employer will likely give you no credit until you earn your degree, and unless you remind them may not give you a raise then either. But if they pay for all the credits, that is good too, or even better give you time at work or time off to do some homework, fantastic.
I don’t think an on-line degree would be trivially easy either. The coursework will be rigorous and unless you outright hire someone to take the exams, the exams will be hard.
In a way, a masters is often an opportunity to learn a lot more in depth in your field or explore some specialties that were not discussed in your undergraduate program. In an interview, the masters will be noted and you may get 1-2 years credit for years worked for the masters (so if you go part-time you could potentially add 2 years to your same-age peers). Years worked is only loosely connected to salaries by say 10 or 15 years out, since performance and job responsibilities begin to matter a lot more.