Is regional accreditation still important for grad school?

[soliloquy]

I had a great conversation today with SEMO (Southeast Missouri State University). I need to take the statistics DSST and the GMAT or GRE and then I'll apply. They are AACSB accredited which is great. Online programs are in-state tuition and you can't beat that. I can get this Masters for under 10K. The application deadline is November 21. I have plenty of time to apply. I'm giving myself a deadline of September 1, 2014 to get the tests completed. That will give me two months to study for the statistics exam and two months to study for the GRE or GMAT. By the way, is the GRE easier? They said they'll accept either of them.