We enjoyed our toboggan sled ride, it is a fun experience. We were lucky and only had to queue for about 15 minutes. It had rained heavily the night before and there were plastic sheets over the seats as the fabric cushions were sopping. Our photo was taken as we got going and a souvenir photo frame and CD was available for E10 when we got off the sled after our 15 minute ride.
You get off halfway down the hill which is a pain. There are many taxis waiting here and we were approached quickly and offered a taxi for E25, we bartered this down to E15, but only after walking away and the taxi driver ran after us. To be honest, the route was much longer than I thought it would be and the E15 was a fair price I suppose.
Overall, it was expensive for the whole experience but we had been unable to do this on our last visit to Funchal and had regretted not doing it earlier. We would recommend doing it once.