Early entry into first (first grade of elementary school where I live) was definitely a success, and that first year went better than expected. One years acceleration in my experience (sample of me, a number of friends, my kid and a number of friends kids) is socially fairly unnoticeable and academically a breeze.

The problem with acceleration by grade skip as accommodation for the gifted of course is that you are playing catch up and after three years at the latest, you'd need another acceleration...and so on.
I agree that now for DS8, almost nine, another skip would be needed. However, that one would be the skip into middle school (5th where I live). I know of a few examples ( online and in real life) for whom acceleration two years and beyond has worked. I couldn't bring myself to push for it and DS8 didn't want to anyway. And in year, congregated gifted programming will start, which is the kind of acceleration I prefer anyway.

So, let's hope that for a couple years at least, with early entry you're good. Maybe there are alternatives by then (different school, gifted programming by third grade whatever). It's all year by year.