The Edge will get you rakeback if you grind enough to keep a consistent daily ftp amount, think the lowest level is now 80 ftp/day over a 30 day or 70 over a 100 day.
The players club basically gets you access to some freerolls
like the coin freerolls where you can earn coins to use for the deal promotion.
They just don't have the traffic for me on stt's to grind (well maybe if I wanted to grind the jackpot sng's) for any amount of volume to probably ever manage a decent edge level for rakeback, but I'm not on during ideal hours either and there was a time I could get decent volume in on stt's there so there is potential to hit the edge rewards and get rakeback which I think money in the bank is better than what the players club offers.
If you're planning to grind cash games then I would deff suggest the edge program if you plan on playing any amount and looking to move up the stakes, granted you would probably need to play at least 5nl at a good clip to manage the rolling 70/80 ftp's over the period each day.
Now all of this is just my thoughts I have never really compared the two since they came in with the players club but do know since it happened the edge program requires more effort to get the rakeback.
So I guess it might come down to what do you play, and perhaps ftp's to be able to trade for stt or mtt tickets eventually even if not putting in enough volume to get the rakeback might be better than the players club.