I am not familiar with FIAR, but my 5 yr old is just finishing up the MFW K program and she loves it. She doesn't even want to take the schedule breaks, so we have not taken one since Christmas. One of my favorite things about MFW is that instead of asking you to buy every single book you need, they recommend a reliance on your local library. That allows you to customize what you focus on based on your preference as well as the child's interests. I feel the supplementation with the library covers the reading aspect.
We do find it a bit light on math, but for K my primary concern was learning to read. She is also learning basic addition and subtraction via her Leapster Explorer and a few learning games on my Iphone, so I did not feel a need to supplement this year. I do feel she is learning sufficient math and currently she counts to about 120 before she gets a bit confused. However we do plan to start Math-U-See for first grade based on the recommendation of a friend who has been homeschooling for a while.
My sister is teaching K in a public school this year and my daughter is participating in an online 'advanced' program through her. She flies through these 'advanced' activities. I was already confident that she was learning what she needed, but it was nice to have that additional confirmation.
I know there are lots of great programs out there, but this was our first year buying a home school curriculum, as she is my eldest, and I do not regret my decision. I am especially looking forward to the First Grade program, when she will have her own Bible Reader and Notebook.