Both my children adored their pre-school. My ds went for 5 terms (September baby) and we would have both gone a bit nuts if we had been in each other's company full-time over that period.
So, he got to make friends (some of whom he still plays with at school now, 4 years later), learned simple numeracy and some literacy, learned to sit down when asked and listen to the teacher, learned about leaving the house on time in the mornings, taking turns, sharing with other people, growing plants, mini beasts, took part in the nativity, went on trips to a farm and a natural history museum, learnt about tidying up and putting things away, how to tie laces, how to help his friends, and had a shed-load of fun.
He would have missed out on this if the funding hadn't been there because dh and I would not have been able to justify finding the money to send him.