Even Katy Perry is mad about it. Funfetti is a low grade substitute for rainbow chip.
"“While we unfortunately do not have any Betty Crocker Rainbow Chip Frosting to send Katy for her birthday, we have heard loud and clear the love for this product that she and its legions of fans continue to show,” a Betty Crocker spokesperson told ABC News. “We have been exploring bringing Rainbow Chip back and are working through some challenges, but if it does you can bet we will be shouting it from the rooftops! In the meantime, we’re wishing Katy a very happy 30th birthday and sending a basket of Rainbow Chip cake and some other fun items to help her celebrate!” "
http://abcnews.go.com/Lifestyle/katy-perry-save-rainbow-chip-frosting/story?id=26343624
And there's also a Change.org petition!
http://www.change.org/p/betty-crocker-please-bring-back-rainbow-chip-frosting
BRING BACK RAINBOW CHIP! DOWN WITH SPRINKLES!