I think that the decision to send your child to preschool or not really depends on your child and his/her development and desire to go to school, the schools in your area, and any financial factors. Preschool is meant to help your child develop basic language and math skills to prepare them for kindergarten, as well as social and emotional skills that will help them to get along with other children (sharing for example). This WebMD article explores the topic a little more and has a good list of exercises that you can do at home to develop reading, writing, language and math skills.
I agree with the PP. It really depends on the child. We chose to send my 4 year old, now 5 year old the pre-school this year. She will attend Kidergarten in the fall. Our main reason was for socialization with other kids. I stay home part time. When I work she stays with grandparents. Therefore, not around other kids much. She knows her numbers, ABC's, etc so I am not worried about that stuff. We chose two days a week for financial reasons as well. She loves going to pre-school and being with the other kids. So yes, I think it is worth it.
I live in France. Pre-school is free but not obligatory. Nearly 100% of all children go from 3 to 6 years old. I very much approve. Children learn to respect each other, work together, eat together, look after themselves and become pretty autonomous. It also prepares them for school.
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