Playground mulch in a garden bed?

I've got a quick question about playground mulch being used in the garden beds around my yard and house. I have a play set that needs a new layer of mulch as the old stuff has pretty much been compacted by pounding little feet! I could also use some mulch for my gardens around my house and yard as I haven't put any in them yet either. My question is I am getting the mulch delivered and was thinking of getting about five yards. The playground mulch is $15 a yard with a $45 delivery charge which sounded pretty good. The red cedar mulch is $43 a yard with the same delivery charge. My question is what's the difference between playground and red cedar besides the obvious color? I'd like to get it all in one delivery load and save a few bucks by using the playground mulch. Any drawbacks to doing this?

Thanks in advance.