In short, no, but it all depends on what you want to do on the outside world. Employers have a good feel for the relative weight of resumes based on school and discipline. ERAU is not a school they will value highly. As far as engineering physics or space physics goes, I imagine that employers will be able to quickly decipher the difficulty and legitimacy of your major when they see it spelled out on your resume. ERAU is a FOR PROFIT INSTITUTION.
Bullshit. Sorry, but about that you're just wrong. In the aerospace world, an engineering degree from ERAU is very highly valued. Riddle grads are recruited in droves by the top companies and government organizations in the country. There is not a single graduate from my aerospace engineering class that didn't have a job offer out of school. Two of those have gone to Navy TPS (to counter your other argument). I have no doubt that when I'm done with the USMC, my degree from ERAU will have as much influence on where I end up working as my years as a pilot will.
I went to Riddle, paid for it myself (and still am at $1100/mo), and worked for 4 years after college as an engineer prior to joining the USMC to fly. My degree from ERAU did not give me a leg up on anyone, whether it was my peers as an engineer or my peers as an SNA. But it was valued just as highly as any state school or any private college, and I have never been found lacking due to the "difficult or legitimacy of my major spelled out on my resume." My degree and school of choice will not be the limiting factor in my future endeavors.
Lastly, if I was paying for it, I wouldn't go to ERAU again. If someone else was, I would. It is not a "normal" college experience that you will get from a state school, but some of the experiences are worth that tradeoff. I would also never recommend that someone get an aviation science degree from ERAU...however, an engineering degree from there is something quite different.
Good luck making your decision. My Dad told me he couldn't help me pay for school and that I'd regret taking out that many loans, but I could do what I wanted...so I did. He was right.