I fully suspect the degree they will offer is worth every penny, but not a penny more - and you won't "fool" anyone with this Masters degree
I, as a interviewer, won't be "fooled". But since I work with some brilliant software people who never got a college degree, it won't necessarily be a barrier to getting at least a phone interview. If the interviewee knows their stuff, it doesn't matter how they learned it.
I mean, with someone who has 20 years experience, do you care if they went to Harvard, Stanford, or the University of Kansas? Of course not, you care if they're smart and have some relevant skills. A lot of times as an interviewer I don't even care if they have the relevant skills (i.e. I work in the storage industry, but candidates don't need to know anything about storage or filesystems to get a job here -- I certainly didn't know that when I started).
As an interviewer I care about two things, essentially: can you think, and do you understand some CS theory? If you can do the first but don't know the second, you can still get a job, we just won't start you as a senior level engineer.