Have been distance learning since Feb 05 with final exams in March this year. With LMU which divides course into 3 phases with a revision week for each phase. Notes in form of text books which are pretty comprehensive and by religiously ploughing through each one you come out quite well prepared.
As to time commitment, over the year I have dedicated about 12 to 15 hrs every week on top of a job which also takes up between 50-60 hrs.
Tough, but enjoyable perversly, because there is an excellent end goal and the subject matter is interesting. If it isn't you shouldn;t become a pilot.
Hope this helps a bit and best of luck.