Both my boys did early entrance into K. It has still been way too easy for them, especially my PG older son. (Haven't had my younger tested yet). They have allowed me to bring in materials for both of them. Especially in math, to keep them engaged.

As far as 1st grade my older son was bored out of his mind. (Younger is starting in the fall with high expectations....)
Really, there was no reason for him to do 1st grade OR Kindergarten. If I had to choose though I would say do early entrance to K instead of skipping 1st. Like someone said, it will ease them into a real school setting rather than be thrown right into 1st grade where you need to have mastered basic life skills.

Do not hesitate to send him early. Nothing negative has come out of it for us.