I think it depends on the school, entirely. Our current preschool doesn't call itself playbased, and also markets the "academics" but I think everything they do is fun and age appropriate.
My DD's school sounds a lot like the more academic one you are describing, but it is learning through play. She is learning Spanish, but it is done through song and cooking and dancing and crafting--not worksheets. They have some computer time each week on
www.starfall.com and she thinks that is a big treat. Her day has a schedule and they have time for free play in the morning and afternoon but it's not free play all day long. They just started a garden, so some of the outside time is spent gardening now. Her day is much more directed than what we experienced with playbased, and I'm very happy with what I see.
I work from home, and we've run the gamut from daycare to playbased preschool to the more academic preschool.
She just turned five, and we spent her 1-3 years in a playbased daycare, which was great until 3, when "playbased" started to look like basically no structure at all and just a lot of time for the kids to fight over toys.
Then, still clinging to the notion that playbased is where it's at, but thinking maybe the day was too long at the daycare and that was the cause of all the hitting, biting, etc--I took her to a small playbased preschool--2.5 hours 3x per week. Indeed, the kids were better behaved, better supervised, but she was bored! She felt like they only thing they did was circle time. She missed doing art, dance, singing and the short structure wasn't giving her enough. We stayed from Sept-Dec and then left. It was hard to bounce to another school but it was the right decision in the long run.
So, now she's at a more academic preschool She goes 4 days a week 9-3 and they do a lot and she loves it. Their program probably seems more academic and structured, but I think it's all age appropriate. I don't particularly care if she learns Spanish or not. What I think will be helpful next year is that she's basically familiar with what will be next years kindy schedule, so hopefully going every day 9-3 to a different place will not be a challenge. She understands sharing. She understands the concept of listening to the teacher and being a friend. She knows her alphabet and can spell her name and some other words, but according to the kindy orientation we went to--that's not necessary. For me, it's more knowing that she's stimulated where she is, that she likes school and is excited to learn.
I think a lot of time more structured programs get a bad rap! She learned about clouds last week. She learned a little song, did a craft with cotton balls...has been pointing out the cumulus and nimbus clouds to me when we are in the car...does she need that for kindy? Nope. But I still think she had a fun time learning about clouds and I think some kids really thirst for that kind of knowledge and interaction.