Well I don't have kids since I am only 21, but I like to think it wasn't that long ago that I was in preschool (since I still remember).
Because of my personal situation I am for universal preschool. My birthday is in Sept and while in my state I made the cutoff, they still encouraged my parents to keep me back another year. However, she knew from preschool that I was social enough to be able to enter kindergarten. I also made good friends that lasted many years in preschool.
I think a lot of kids have social problems when they are kept home to long (I see it in my younger cousins.) And I feel that preschool is letting kids interact with others their age sooner and help them to develop their social skills.