I have considered local colleges, but with two small children and a wife that is a social worker, it is very difficult to find classes that fit my schedule. The premium for online schooling is absolutely ridiculous, but it is the price I pay for the convenience. Also, I have no interest in changing careers, so going full-time is not really an option either.
As for learning experience, an AA in IT is about as basic as it gets. I'm a Systems Administrator taking classes like 'Introduction to LAN Technologies.' I had the most fun in my two Web Design classes because that is something I had not tackled previously... though, to be honest, I could have learned everything those two classes taught me in a weekends time on my own.
When I was in community college, finding night classes and online classes was easy. Once I switched, I had to take more day classes. Glad I had a flexible employer.
As a Sys Admin, I think certifications are king. I work for a global engineering firm and most of the IT guys here need the MCSE and CISCO stuff.
Also, I have found my education to be very useful in my work, both at home and for my employer. Mainly the math though (discrete, linear algebra, and stats). The programming not so much, as I already knew how to program.