I'm about to get my MFA from a low residency program. There are disciplines that are well-suited to the online format and writing is one of them. It's been a great experience to have a community that loves books as much as I do. We debate, share, offer moral support, and compare notes (time for a shameless plug for ANNOTATION NATION!)
I'm about to head into my last residency and will let you know how it goes. Keep writing.