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There are innumerable accredited universities that offer graduate degrees fully online or with partial residency requirements.

The most respected would probably be University of London Though you can't really go wrong with any traditional brick-and-mortar school which additionally offers a distance program.

No, it's not a U.S. institution, but the U.S. doesn't have a monopoly on highly-raked and well-respected schools! South Africa has several well-respected institutions that offer distance programs such as University of South Africa (UNISA), University of the Western Cape (where Desmond Tutu serves as chancellor), University of Cape Town, and Rhodes University (yes, you've heard of it -- I'll bet you didn't know it was in South Africa!)

The least respected, of course, would likely be University of Phoenix -- even though they are NCA accredited (one of the regional bodies) They're also one of the most expensive, so it seems like a silly choice. Though Liberty University (SACS accredited) may have an even worse reputation due to it's history, a friend of mine who picked up some graduate credits there through their online program assured me it was both rigorous and undeniably secular.

There are zillions of others. Just make sure that any school you select is listed in the CHEA database. If a U.S. institution isn't listed listed there, it's not accredited.

You might also want to check out www.degreeinfo.com for some good feedback on any particular program your interested in.

Finally, if you're having trouble deciding between a schools, check out their ranking on 4icu.

CHEA does not accredit individual schools - CHEA works at the next level to ensure the quality of accreditors who in turn perform the accreditation of individual schools.
http://www.chea.org/pdf/chea_glance_2006.pdf

There are many, many .edu domains that do not represent accredited institutions. The problem is that you could get a .edu domain without consideration of your accreditation status before 2001 - in 2001 everyone with a .edu domain was "grandfathered" and allowed to keep that domain even if they were not accredited. I'm not sure what the rules are on transferring a .edu domain, but that might be another possible way to obtain a .edu domain without being accredited.
http://www.educause.edu/edudomain/eligibility.asp

Some tips on determining whether or not a .edu domain represents an accredited school are described in this site:
http://www.chea.org/degreemills/default.htm

CHEA does not accredit individual schools - CHEA works at the next level to ensure the quality of accreditors who in turn perform the accreditation of individual schools.
http://www.chea.org/pdf/chea_glance_2006.pdf

There are many, many .edu domains that do not represent accredited institutions. The problem is that you could get a .edu domain without consideration of your accreditation status before 2001 - in 2001 everyone with a .edu domain was "grandfathered" and allowed to keep that domain even if they were not accredited. I'm not sure what the rules are on transferring a .edu domain, but that might be another possible way to obtain a .edu domain without being accredited.
http://www.educause.edu/edudomain/eligibility.asp

Some tips on determining whether or not a .edu domain represents an accredited school are described in this site:
http://www.chea.org/degreemills/default.htm

I hate to point you to the article, but hte "schools" they talked to were DigiPen and Guildhall. Can't speak for Guildhall, but DigiPen is a 4-year institution, and they do teach a broader curriculum then simply Video Game vocational training. And people do "wash out" as well.

Of course, with a few changes, what you say could be applied to State Universities: I've seen a lot of people go through them without any real effort or motivation, and go into something they're not particularly interested in. But then, some people apply themselves and work wonders. College just provides the opportunity; most students anywhere don't have the drive to do much with it.

Personally, I don't think college should be vocational training. But if someone is truly inspired to do video games as a calling, by all means check out the specialised schools. 4 years of game development as part of a college curriculum means something: and the portfolio can show fairly quickly what kind of talent the person has, individually and as part of a team.

WRONG! They will NOT transfer to ANY other college or even most REAL Universities!

The only regional accreditation is with the Council for Higher Edication Accreditation. DeVry is accredited with the NCA of the CHEA as are these institutions. Most colleges will take credits from another college accredited by the same regional association.

Here's one example (hard to find because most schools do not list specific institutions): Texas Tech. If you select Texas, then DeVry and View all Courses, you'll find quite a list of credits that will transfer.

Check out Wired New's coverage of diploma mills:
http://www.wired.com/news/school/0,1383,54596,00.h tml

They note that US colleges should be accredited by either the Department of Education or the Council on Higher Education Accreditation.

Regional accredidation is the real deal, accept no substitutes.
CHEA has a search engine for such things.

Their accreditation says:

Accreditation: Creating a curriculum and facilities that meet requirements for accreditation with the New England Association of Secondary Schools & Colleges (NEAS&C) and the Accreditation Board for Engineering and Technology (ABET)

First of all, the regional accreditation that means something is called the "New England Association of Schools and Colleges (NEASC-CIHE)", which is similar, yet different from what they claim. Mistake? Or attempt to mislead?

The second red flag comes from the wording: "Creating a curriculum"? That smells like they haven't been accredited yet.

If they're not accredited, they should come out and say so instead of all this sneaky crapola. The program might be good, but there are very distinct disadvantages to not going to an accredited school, not least of which your classes and/or degree means absolutely nothing if you want to transfer to an accredited school.