I, too, am currently enrolled in this program. I had to basically start over since I switched from Middle Eastern Studies to EE. I had about 80 credits in the MES but couldn't take the long papers, more of a math and science guy. I'm now on my second year with ASU. The reason I chose online is for the same reasons the OP brought up. I'm working full-time with a wife and two kids. I can't afford to take a break from work to go to school full time in a traditional brick and mortar school.
ASU offers classes that are 8 weeks long, super quick and extremely fast paced. I believe it has ups and downs to that style. You get classes done quickly but at the same time, I don't believe you can retain as much since you're more worried about just passing that class than really retaining the information. I have completed most of the pre-reqs, Calc I, II and III, English, Chemistry and a few others. It is a great program and I'm hoping to continue. The program itself is ABET accredited, you can look it up on the ABET site if you want to confirm it yourself, there's also other online engineering courses that are ABET accredited that may interest other people. Some teachers seem to put a lot of effort into the classes while others don't and you rely on Yahoo Answers, Chegg and Khan Academy or other videos to help you understand the material.
But I do believe I am learning a lot, I am currently the only one at my work without at least a Bachelor's of Engineering, most have either a Master's or doctorates. While I haven't done any of the real courses yet, just the Calc alone I have been able to hold a conversation with them, which can sometimes be very hard...
To anyone that is looking for something like this, I highly recommend it but it isn't for the faint of heart. Even though there are times where online may be easier, I feel there are probably more times when it is harder. Expect to spend at least a couple hours per course a week, and that's at a minimum I'd say. There might be a course or two where you feel you're basically teaching yourself the coursework since the instructors aren't doing much. The students have always stepped up to help each other out. This has been a tremendous help.
As the years go by, I would imagine ASU would make the courses better and more intuitive and informative. It does seem that they are at their trial stage right now and still trying to get out the kinks. They're slowly offering more and more courses a semester, seemed before you could only take one or two a semester that could count toward your degree. I have heard of some people that transferred with more courses that haven't been able to take a full schedule because they aren't offering a lot of EE classes every semester, especially the upper levels. But as I said, they are becoming more abundant and I believe this will continue. The first years, I recommend taking an easy class paired with a more demanding course. I've been doing English paired with an engineering(math or science) class or Econ paired with an engineer(math or science) class or History, well I think you get what I'm saying.
Bottom line, I believe it's a good program, especially considering it's the first of it's kind and with a pretty well known school. Get ready for fast paced courses, and at times a hurry up and wait mentality. You might be able to get a full schedule this semester but next semester might not be the same. Try and do some research on the teachers you select, you may not have a choice with most but it can pay off with the ones you can. Don't be afraid to ask help from teachers, students, tutors or anyone, it could pay off. I had to get my first tutor ever for Calc I, it was a summer class so it was only 5 and a half weeks long, so that was quicker than usual.
I wish anyone good luck with whatever choice they decide.