I'm currently enrolled in AAMI's Introductory course (6 month instead of 39 month!). It's amazingly in-depth - or rather, encourages you to go in-depth, which I (being an unschooler at heart!) much prefer.
I think if you're investigating programs, and aren't sure which way to go, or know you want to do something that you can't start immediately (for instance, I'm hoping to attend Birthingway College in Portland, Oregon - but I'm currently living in Indiana!), then I'd highly recommend the intro course. Be forewarned, though: although the course is cheap, the books you'll need/want for the course are quite expensive. I already have quite a collection of lay-type books (including Ina May's Guide and Heart and Hands), but had to (although it's not explicitly required, they're really necessary, not to mention desireable) purchase Varney's Midwifery, and Anne Frye's Guide to Diagnostic Tests and Holistic Midwifery Vols I & II - which added up to about $250, much more than the course alone cost. I still need at least a good medical dictionary, and I'd find about another $500's worth of books highly useful - but who has that kind of money?
And, of course, the full couse requires even more books...
Anyway, yes, it's a highly respected program. Its only major downside - and again, this only matters depending on the legalities of your state and your chosen path - is that it's not certified with anyone, so you don't "get" anything (other than an amazing amount of knowledge, of course!). If that matters to you, there are other programs out there. If not, it's potentially a really good value.