Got a job at Google directly because of this program (a few classes like CCA helped a lot with interviews). I'm aware of at least a couple dozen of us from OMS here.
The program cost me dearly. It cost me my relationship with the SO and it cost me my health (staying up late nights, lots of coffee).
* $5k cheap, it's nothing, the real way you pay for it is via your time.
* The teachers like the flexibility as much as we do. Many are top notch. I took two classes from professors that work at Google (Dr. Starner and Dr. Essa), one at Netflix (Dr. Lebanon), and a few others have their own startups.
* One of the classes was taught by Sebastian Thrun, with a TA at Google, but I think that's changed now.
* The lectures are good, but you have infinite ability to subsidize them with Udacity, Coursera etc.
* You learn squat by watching videos. The true learning happens at 2am when you are trying to implement something, and end up tinkering, debugging, etc. That's when things click.
* The hidden gem is Piazza and some of the amazing classmates that help you out. Lots of classmates that work in industry and can explain things a lot better. I.e: Actual data scientists and CTOs of Data Science companies taking the data science class. They were amazing and I owe my degree to them in part.
* Working full time and taking classes is not easy. Consider quitting and doing it peacefully.
* From within Google, I've heard from people that did the Stanford SCPD (I'm considering it) and also OMSCS. Lots of people that say the SCPD program wasn't worth the time and effort. No one yet that's said the same about the GT program.
I've heard from people that have done the program in-person, and they say the online lectures and materials are significantly better.