It's true. The current "catch" is that the school is nationally accredited. This means you can encounter some issue getting your degree recognized (e.g., some grad schools in the US will not consider nationally accredited degrees, some schools only accept their credits on a case-by-case basis, and so on).

However, if you know that going into it, you know the primary shortcoming. (Fortunately, I have a regionally accredited degree already, so I didn't care about that.)