Most states don't require CACREP. I'm in New York, and something like 80% of the programs that lead to Mental Health Licensure are not CACREP. I'm not sure about other states, but I know that many grads from my program were able to move away and get licensed in other states and find jobs with no problem.
I think the quality of a not CACREP program depends on the reason it is not CACREP. Some programs that are not CACREP are so because of lack of quality and/or required hours, and I would avoid them. Considering CACREP accredits for-profit and online programs, their standards don't seem to be particularly high, and so falling below the standards would certainly mean a program is poor.
With one exception; there is a CACREP standard that excludes a lot of very high quality programs, and that is the requirement to have a faculty with doctorates in Counselor Education rather than Psychology.
My alma mater, along with several of the other big name programs in NYC, are intentionally not CACREP because our programs are tied to Counseling Psych PhD programs, and we share faculty and research opportunities (along with networks for jobs and internships - a HUGE plus) with the doctoral level students studying to be psychologists. Our program and the others like ours actually have higher academic and training standards than most of the CACREP programs in the area. Many internship sites in the city only take mental health interns from Columbia, NYU, and Fordham, all which are not CACREP. Some of this is probably because of reputation, but a lot of it is also because of alumni networks that include psychologists as well as counselors. Connections with psychologists who were my professors, my supervisors, and alum of my program were critical in connecting me to my internship, research team, and eventually my job.
If my alma mater were to seek CACREP accreditation, we would have to sever ourselves from the Counseling Psych department and get a new "Counselor Education" faculty, which would be to the detriment of the Masters students in terms of academic rigor, research opportunities, preparation for PhD programs, and networking for jobs and internship opportunities.
Being not CACREP is only a disadvantage in NYC if you want to work for the VA. But for all other jobs, the networks and reputation of the not-CACREP schools is dominant in our area.
It might be different in other parts of the country. I would personally choose a quality, not-CACREP brick and mortar program over an online CACREP program. I would want to know why the brick and mortar program is not CACREP though; is it because they share a faculty with a counseling psych doctoral program, or because they have low standards?