Your child is in good company, as a recent study showed 15%-45% of students are performing one or more levels above "grade level".

Originally Posted by che
It's clear my daughter is not learning much academically in school (outside of Spanish because she's never learned it before!), but she seems happy socially.
Exposure to a world language, and positive social experiences are two strong factors in favor of staying with the current learning environment for now. smile

Originally Posted by che
my concern is long term: if we stay where we are at and keep her in the regular classroom, accept that her school district will not accommodate her giftedness, and let her just breeze through school, aren't we doing a disservice to her?
Children learn important life skills from challenge and struggle, as discussed in the recent thread, what kids don't learn. School is not the only place to acquire these skills; Parents can make a conscious effort to expose a child to academic/intellectual challenges and provide the support needed to talk a child through the struggles in a positive manner.

Originally Posted by che
there are a few public school districts in the area who offer gifted programming beginning in 3rd grade, identification usually begins in the spring of 2nd grade. We would have to move to a new town to get into one of these programs so it wouldn't be as simple as just switching schools. Private gifted schools are an option but they are 30-60 minutes away from us and that too would possibly require us to move because of the commute).
When evaluating the "fit" of a possible new school, parents may wish to create lists of questions, and weigh the responses to each according to the family's values and what they are seeking for their child's education. The Davidson Database offers articles on this subject, including Choosing the right school for your gifted child. As part of checking out a school, children typically shadow for a day. Some of the Q&A in the article Frequently Asked Questions may also be of interest.

At some point you may wish to advocate for your child to join with a different group of students for one or more subjects. There is a roundup of advocacy resources and approaches in this old thread.