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Tracking had some shortcomings such as presuming a student is at the same relative level in all subjects.

Not if it's done by subject.
Agreed. Student placement by subject allows flexibility so that a student need not be at the same relative level in all subjects. That said, student placement by subject is often referred to as "ability grouping", rather than "tracking". Having important distinctions in application or practice, it has its own name. Definitions may vary. Despite utilizing different terminology, the ideas being suggested for a new elementary gifted program seem to be in agreement.

Overarching point being that whereas some considered being on a "track" an all-or-nothing experience, there are more flexible, responsive placement strategies which research has shown to have the potential to provide benefits for ALL students. The research and book on the Total School Cluster Grouping (TSCG) model offer several interesting thoughts.