Eh. The GOOD thing about online play is that I don't have to leave my home to play, and I don't have to invest overhead time to get to a game (I can sit in a full ring game in less than a minute after deciding that I have 45 minutes to kill).
Whether or not it's as much fun as live poker - well, no, it isn't really. I don't play for the fun of it when I play online, I play for the sense of accomplishment (primarily), the challenge (secondarily) and the money (tertiary). When I play live, I play with friends and coworkers, in which case accomplishment and money goes out the window, and it's about primarily fun, and secondarily challenge. The reason the challenge gets deprioritized is that
a) I already know I'm the best player in the group (and frankly, they know it too - but none of us are there to win money)
b) Being able to laugh when I get hit by 2-outers makes the evening so much more enjoyable. Plus, there's usually drinking involved.