I'm wrapping up my MBA right now (1 class left for the past 4 years lol).
I would highly suggest you do an MBA in person if possible. The best things you get from a MBA, in my opinion, is from interaction. You get:
1) A wide breadth of experience from different industries, career types and background
2) You learn to work in groups. I know everyone says you need to learn to work remotely, which is true, but so much of business is still face to face team work.
3) You get more interaction. Fact is, MOST people who do MBA's online are pressed for time or are underachievers. They will only do the bare minimum needed to pass the class. Again, this is a generalization and is not true of most people
4) The professor interaction is much better and these are the guys you want to challenge you...especially in front of others. That's real life business management
5) Life long contacts. Chance are, someone online is going to forget who the hell you are a few weeks after you are done. Not to mention, most of the people won't be local.
This is purely my opinion. I think an Online MBA can be valuable, but I can only speak for Central Michigan University's online MBA (I went to Central Michigan and have my MBA from there). There online MBA does not differ much from their in person MBA and it's cohort style, which means you start and end with the same group of people. You appear to be a veteran, like myself, and Central Michigan has an AWESOME veterans department to help you figure everything out.
As far as the rankings in WorldNews and stuff, I'd take that with a grain of salt. It's mostly self reported stuff and rarely audited. Whoever writes the most and best, and spins their data in a certain way, gets the highest ranking.
Now, before I give you my opinion on whether it's worth it or not, let me ask what you do for a living and what you are hoping to do? To be honest, I wasn't going to finish my MBA because I'm a CPA and it hasn't meant anything for me not to have it in my career. I'm only doing it b/c I'm one class away and decided I'd kick myself if I didn't finish.