One question I received after the distance education workshop at NCHE this year was if ITT Technical Institute is accredited. I assume the attendee who asked was considering them as a possible distance education provider.
The answer is yes, ITT Tech is accredited, but not by a regional accrediting body. Regional accreditation is what to look for when choosing a good distance education school because regionally accredited schools have met very high educational standards. Also, if a school is regionally accredited it is typically easier to transfer college credit into and out of the school.
This goes back to the question of what your ultimate educational goals are. If you want to earn a degree that will generally be recognized by employers as being from a quality institution, regional accreditation is a must. If your only goal in attending school is learning a skill that you will then put to use in your own business or in an employment scenario that is less strict about such things, regional accreditation becomes less important.
The bottom line is that you should opt for regional accreditation as often as possible. For more information on the various types of accreditation, check out this article.