Well, both my mother (who is undoubtedly gifted, but was educated before there was such a thing as gifted education) and my gifted DH were accelerated.
Both of them wish they were not, despite succeeding academically.
My DH was both intellectually and athletically gifted. Being the smallest and youngest boy in his class was frustrating for the athlete in him and he never really got over that.
My mother was always ahead of her older peers academically, but lacked confidence because she had less social maturity than her classmates. This was the root of a lifelong struggle with anxiety and depression.
I don't know what the better alternative would have been for either of them and neither of them were dealing with the current system ... but acceleration was not a great solution in either case.