Fulbright ETA >>> JET
I don't know how one concludes that JET is more competitive than a Fulbright ETA since it varies by countries (France---5/125 acceptance rate, Italy 7/90...and 139/301 for Germany). I'm plenty sure JET applications will drop significantly after this year due to what happened in Japan and will probably cross its fingers for applicants.
I had the same dilemma last year and it all came down to funding. I had to choose between the University of Chicago CIR (1/2 tuition) and Stanford's M.A. in Latin American Studies (full tuition + stipend). It was a no-brainer and I ended up choosing Stanford. But, I still think that I would have liked Chicago and it was hard turning them down. Schools on the quarter system are rigorous though...holy cow.
I'm a FLAS fellow at Stanford's Center for Latin American Studies (I'm studying Portuguese). It's a great program and if you budget well, you can even have left-over money (I have even paid my credit card and I'm going to travel with some of it). Good luck to you guys!
http://www.fulbright.es/book/view/118
If you can read Spanish, here's the link to Fulbright España and it actually tells you exactly how much the auxiliares de conversación make monthly---about 1345 euros.
Rejected applicants shouldn't ask for feedback as 1) it seems really annoying, and the regional director will not only deny your request but roll her eyes while replying to your request. 2) take time away from those of us who are finalists waiting to hear back. If you didn't get it, ask your school. The person in charge of overseeing Fulbright grants might be able to let you see your interviewers' evaluations, even though that's still doubtful.