Hmmmm.... this is really a subjective matter. Personally, I do both. And, I do both with the same teacher in fact. Let me shed some light if I may about the live online lessons since we all know what 1 on 1 private lessons offer.
First, let me say that this is in no way a sales pitch or an effort to offer bro deals.
I use
http://www.mikeslessons.com and I have to say its the best $20 a month that I spend drum related. Here's the thing, this is about learning new grooves, fills, different world beats, ideas, sticking, etc.... this method will not necessarily fix technique problems that you may have but if you are lacking ideas or want to learn new stuff then this is PERFECT!
Add to that MP3's and PDF notation for every lesson - plus open question and answer sessions at the end of each lesson completely live via a chat platform..... 3 days a week/3 times a day (there is a beginner lesson on Sunday, Intermediate on Monday and Advanced on Wednesday). And each lesson is archived for 2 weeks so you can go back and watch it if you missed it live. HELLO? ALL FOR $20 A MONTH. To me, its a no brainer.
I have to say that I have taken private lessons in the past with other instructors and I've learned far more from these online live lessons. There is absolutely no contract period or anything... simply pay via paypal or credit card and cancel anytime. There are people from all over the world taking these lessons which affords us the great monthly price.
Now for the best part - the instructor. This cat has to be one of the top 20 drummers in the US and I've yet to see something he cant do.... let alone teach. Simply check him out on youtube (Mike Johnston) to see brief clips of his playing abilities.
Do yourself a favor - try it for a month and see how you like it. I challenge anyone who takes 1 on 1 private lessons to sign up as well.... I would be surprised if you don't get more out of this for a fraction of the price.
Check out his website.... check out his youtube stuff.... I'm sure I'll see you in the members chat/lessons soon enough.