Yakker
As far as I understand, it is entirely possible to enter the final year of an Honours Degree directly from an HND in a similar subject.
For those that are physically near to a University it may well be advantageous to inquire as to whether they accept such advanced entry and also if they run the course P/T.
P/T would be 2 years usually and result in a B.Eng(Hons), or occasionally B.Sc.(Eng) if these are still around.
Faster than a distance learning degree (unless advanced standing can be claimed) otherwise you'd be looking at 4-6 years study if starting a distance learning course from scratch (unless you work like a maniac, theoretically a University of London BA/BSc/LLB or even BD can be achieved distance learning in three years, but those that do usually are on full time private courses elsewhere).
As far as I understand one of the biggest obstacles with a Distance Learning degree is the matter of getting it validated by the Uni wishing to offer the course (easier since the CNAA days for some)
It is likely the exams will be of the same standard but they will not be identical to the F/T ones - the syllabus and other issues would also need to be defined such as materials - as well as breaking down to a modular framework (easy for the "new" Unis but can be somewhat arduous at some of the old Unis if at all possible).
I imagine building a tertiary level three year FTE engineering course for distance learning delivery not to be an easy task.
I hold a BEng btw, but it was obtained 4 years F/T (Scottish University).
Genghis I hope it goes well.