I would definitely prefer a a face-face degree if at all possible but due to my current location and job this is just not possible. My work will most likely pay for my degree and I would like to take advantage of this. I was also thinking about the online MBA but I am just not interested in business. As far as getting access to a lab and equipment, lets just say that my current job has some of the most expensive "toys" money can buy. Getting lab time for testing purposes would not be a problem.
I have poked around a little on the MIT site but I would like to get something to show for my efforts if possible. If this isn't possible maybe I will settle for the MBA