@tdtesq,
Hi there, sorry I didn't see your question earlier.
We ended up staying just with Playschool. I think it worked out well for her overall -- the teachers there were really superlative and I think set her up well for her school career.
There was some drama in that second year of preschool that I would have loved to have avoided but of course no telling if something similar would have happened at Funtime too. She was still close to the best friend mentioned here but became friends with another girl too, who wanted to claim her as a best friend, and there was a lot of stressful tug-of-war stuff that happened.
It was also definitely difficult for her to transition from Playschool to kindergarten. She was a big deal at Playschool -- everyone's friend, teachers loved her, she created (not "wrote" because she wasn't writing yet, but came up with the story), directed and starred in a play (yes, in preschool!), etc., etc.
Then in kindergarten nobody knew her (but almost everyone else knew each other) and class time was really jam-packed -- no recesses those first few months (half-day kindergarten). (There were supposed to be recesses but it was a new teacher who had a hard time fitting everything in, and recesses were the first thing on the chopping block.)
So the first couple of months were very, very difficult for her. It was not until about this point (Halloween) that she finally started being viewed as, well, herself. She dressed up as a punkish rockstar type, including air guitar and such, and several people were surprised -- "She's so quiet!" That shocked the heck out of me because she's pretty much never been quiet in her life. I think that was about when they finally started having time for recess too. It was around then she started to make some friendships, which only picked up steam from there. (She is still close friends with two of the friends she made in kindergarten; they're all now in 7th grade. She's also still friends with the preschool best friend, though they're not best friends at all, see each other maybe 3 times/ year.)
So, lacking a crystal ball it's really hard to say which way was better.
One other element that you may or may not be dealing with is that it turns out (I didn't know this at the time) that Playschool and Funtime had very different philosophies, and for that reason I'm VERY glad we went with Playschool. It was very loose and creative and based on learning the meta-elements of school (schedules, cooperating, etc.) and social skills and forming a basis for a lifelong love of learning, rather than the three R's. Funtime is very three-R's-based. My kid has excelled academically throughout (starting in about January of her kindergarten year and taking off from there) and I think the Playschool approach was best for her.
Littlek's advice to keep it simple also resonates.
So drama and difficult transition notwithstanding, I'm glad we stayed with just Playschool.
Hope that helps, let us know what you decide!