from what I can tell, Fantasy Life is a LOT deeper and more sophisticated than the Disney game, so it depends on what you are looking for. The Disney game has fairly decent fan service but it does get a bit repetitive and the music is disappointing and lacks variety. And you can tell it is aimed squarely at the younger crowd. That said, I enjoyed the relatively easy gameplay and the fun of juggling tasks and making incremental progress at my own pace. Fantasy Life seems much "meatier" as a game, though, so maybe that's your main choice while you keep your eyes open for a deep discount on the Disney title.
Full disclosure, I have not played Fantasy Life and have only read a couple of previews and seen a couple of the videos. I have decided to try and remain spoiler-free from this point on. Game looks tits, tho.