From a quick glance, it appears you get a diploma out of it, but how much it is recognized by other people/companies is not known.
I have never done a photography course, but I know in Canberra there are various community and other groups/organizations that cover photography at various levels (
photoaccess is one such place.) Although they don't provide a diploma, they also don't cost as much nor do they cover everything that the Photography Institute covers either. For instance, if you are a beginner and just want to know about the shutter, aperture, ISO, basic digital image processing etc then the Photography Institute course is a huge overkill. Do you really want to know about studios, portfolio creation, agents etc?
How much you can learn via correspondence in photography I have no idea. It may be better to work in a group (semi-formal classroom/lecture environment) and you may be able to learn a bit more than just what the materials they provide as you can interact with the other students. These are the same arguments for correspondence vs classroom learning that always crop up when they are being compared.
If you are not sure about online/correspondence learning, there are probably a lot of web sites out there that cover the camera & photography basics that you could try to see if that means of learning is for you. Some will be free (variable quality) while others may cost (variable quality).
For me, that course is a lot of money, and for a beginner I think, somewhat excessive. I feel there are cheaper options out there, but whether they are available near you I do not know.
Mark P.
PS Just doing a quick search on this place and came up with this
conversation at whirlpool. The place does not get a good review. However, your mileage may vary.