I have been the Fundraising Chair for 5 years (about $20K/year); first at my kids' co-op preschool and now at their K-8, Title One school AND the preschool (having kids at 2 schools rocks). I think I have done every fundraiser known to man, some against my better judgement.
Here are some things to think about: Do you want to spend time or money? If you have manpower, auctions, benefit dinners, walk-a-thon, academic triathlons, and Kid-grams making the most money, by far.
If you don't have the people for this kind of large scale event, then the prepackaged stuff is easy. I have been very successful with wreath sales, entertainment books (though I personally despise them) and cookie dough (hate it, too).
In the last year, at my schools I have pledged to a different type of fundraising that is kinder to our kids:
Healthy Alternatives: selling whole foods treats in addition to popcorn each week - Basically breaks even
Environment: On Your Feet Campaign: kids pledged to carpool, bus or walk to school instead of drive and gathered pledges from friends and families to support this. Made about $500.
Community: We held a Volunteer-a-thon last year, same as a walk-a-thon, but kids sewed blankets for Project Linus, wrote letters to sick kids, cleaned up the school and neighborhood immediatley surrounding. We had a large "service day" on a Saturday and did a project with our neighborhood association (we are in a rough part of town with a strong neighbors assoc.), neighboring arts program, and our town's parks dept. It was awesome. Though it only raised $4000 last year, we expect to double it through business matching pledges this year.
Definitely get a scrip program in place, escrip has worked well for us, as it is no effort. Lots of others out there, too.