No, not in the least. You have have some of the best BJJ instructors almost on your doorstep so why go for what isn't even second best. You can't learn to swim by doing an online course, BJJ is the same.
I'm going through the online course with a friend, just for kicks, and to satisfy my curiosity. Nice deal for me, since it cost me nothing. It's alright. You're better off with a live instructor, in general. But it does a decent job of breaking down techniques.
And it's funny listening to guys talk, when you KNOW they're from Brazil, and they sound like they're from Minnesota.
If you're using it as a training supplement then go for it, but understand that in order to learn and especially get good at BJJ you need to train with an instructor and with as many others as possible.
The more exposure you have to different training partners and a good instructor the better off you'll be.
Online training can serve as a supplement or intro at best.
Even if you can only train with an instructor sporadicly, you're still better off than online training alone.