Nowadays, distance learning courses take place online. As with any course, you usually have to buy a book and complete tests, projects, and/or written assignments. The only difference is that instead of handing in the assignments physically, you submit them online (through email or a discussion board). Class discussion usually take place in a "chat room" or something similar.

Tests themselves vary. Some teachers give you an essay or project which you have to submit by a certain time and date (ex: midnight on Oct. 26). Other teachers give you timed exams that you must complete by a certain time and date. These exams are timed using an online clock.

Yes, you can get the same degrees through distance learning. You cannot, however, complete any degree that requires a lab (like Biology or Chemistry). Most schools (including Harvard) offer distance learning, but you may be required to take a couple of courses at the school if you want a degree.

Finally, distance learning does provide the same job opportunities, depending on the school you receive the degree from. Obviously, a degree from Harvard will give you better opportunities than a degree from the University of Phoenix. In addition, you are limited with science-based careers because you cannot get a science degree through distance learning. The price varies from school to school, but it is the same price as "traditional" classes. That is, an English course physically located at Yale would be the same price as a distance learning English course at Yale.

Distance learning is best for liberal arts (social sciences, humanities, English, etc...).