Yes, and yes. The two articles advertised below are useful.

This is a tricky question.

Generally, it depends on what you are looking for. First, there's probably nothing out there that can really meet your expectations if you're looking for the experience found in a full-time on-campus MBA program. The depth of that experience, with the interactions with professors, students, and career service staff, cannot yet be replicated in a virtual form.

That said, the high-end online MBA programs: UNC, IE, IU Kelley, etc., come close. What makes the difference is their investment in technology, on-campus residencies, and career service support.

But if you're not looking for an experience that approximates that of a full-time MBA would offer (for instance, if you're just looking to move up in your current company rather than making a large career shift,) then a lower-cost program could work.

Ok, thanks for that. I'll look more closely at what these programs offer.

Would a part-time program offered locally be a better solution in the long run?

Yes, an on-campus course - especially from an accredited school - will be better.