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ShanghaiTEFLer comments on Teaching English in Shanghai - Less Wrong Discussion
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If Getting a teaching degree from anywhere will help you get better jobs on the margin. For best results just go with a teaching degree from the country that the school you're working at follows. I presume there's one US university that offers M.Ed.s as correspondence courses. For the UK I believe the University of Sutherland and the Open University both do so, and for Australia the University of New South Wales.
Is Open University legit, or is it the Australian equivalent of the University of Phoenix?
The Open University is in the UK, not Australia. It is a real university. It does almost all its teaching, and much of its examining, by correspondence.
The OU is real, and an OU degree is respected (at the very least insofar as looking good on a CV) because it shows you can finish a degree while also working a day job.