Distance learning: taken seriously?
My own experience of having an open university degree (computer science) is that "it depends on who you talk to".  Some people value the degree highly, others put it at the bottom of the pile.  I've found that the longer I've held it (ten years now!) the more value it seems to have accrued.  This could be to the fact it becomes less and less relevant where your studied the more experience you build or the fact that it's become a more accepted route of study since I gained it.  

Disclaimer: I work in academia, but am not an academic.  I currently work for a big academic institution and they perfectly happy with my degree.