While the Flex program is accredited, and from a well-recognised university, it is rather new, and it's hard to say whether it will be accepted as equivalent to a traditional bachelor's degree (including a traditional distance-learning program).
One issue is that if you go through the program quite quickly (which I get the impression is possible under this system) your transcript will show that.
The ECA results table suggests that there is a minimum time limit for attendance, as categories include:
- Bachelor's degree or other programs (three or more years) - 21 points for FSW program
- Two year degree, diploma, or certificate - 19 points
- One year degree, diploma, or certificate - 15 points
I don't think there's a simple answer, but you should be aware that there's a very real chance that they consider it "less" than a traditional three/four year program. On the other hand, they might still consider it equivalent to the one or two year categories, which still gives you a significant number of points, and employers may also look favourably on it.
What you could do is find out who can do an ECA for your job category, and give a them an email asking if they assess distance learning degrees and if there is any official guidance on the matter.