No, and I don't think it would make the claim that it's a college. If you look on their site, they offer majors, but when you follow the links it says that it offers majors primarily through Thomas Edison.
If I had to guess at the business model, I'd guess:
1) Student signs up for CollegePlus
2) Student is enrolled by CollegePlus in TESC's credit bank system
3) Student is contacted by CP for a discussion on what major the student is interested in, using TESC's list of majors
4) CP formulates a list of CLEP/DANTES/TESCE/ECE that the student would need to meet that major
5) Student is provided coaching, study material resources, and motivation from CP's advisors
6) Student ends up graduating from TESC.
It's not a bad idea, but it's borderline deceptive to "Offer Majors" on the site and give the impression that CP is an academic institution. Still, while I agree that you can find most of the information for yourself without the hefty "tuition" fees that CP requires; there are some people out there that need that motivation and someone holding their hand throughout the process.
In the end the questions are:
1) Does CP help more people reach their goals of having a college degree? - For that, I'd say yes they do.
2) Are their business practices a bit... grey? - That's a matter of personal opinion. The fact that some of their students seem to think that CP is a college itself is troubling though. (Nothing against you personally MKR)
One last question for everyone though... If CP! didn't exist, does anyone think that MKR would be as far as he is towards a college degree? That's a pretty big endorsement for CP right there.
Just food for thought.
Edit: Just realized we didn't answer MKR's question about Excelsior.. Excelsior is a regionally accredited college. You can find more information at
www.excelsior.edu