Teachnkc:
There are no easy answers, and it really depends on a child.
I would say go with your gut feeling.
Of course do check all your acceleration manuals, but trust your feelings. From my expericence, the earlier the grade skip happens, the better for the child. Mind you, none of my two kids were grade skipped.
With my oldest, very gifted across the board, I did not realize who he was till he hit 4th grade. We did change schools for 5th grade, and even though a grade skip was offered at that time, we refused because he had a great homeroom teacher and was greately accelerated in core subject. Fast forward two years and acceleration is gone (apart from math), he would not even consider a grade skip at this point saying " it would be a total social disaster for me" ( an actual quote!).
My fifth grader has been offered a grade skip this month and she refused! We were all astounded, because she seemed to want it so badly until it was actually offered. But we are OK with her decision. She wants to be a star and feels that by skipping grades she will loose some advantage she has right now over other kids.She is subject accelerated though, and will remain so.
From my limited experience, I have observed this:
*grade skip makes scheduling much easier
*when grade skipped they are in the group of older kids, not smarter kids
*listen to you child - they KNOW
*when you skip you take away the advantage they have had in academic competitions
*think about later years - grade skipped kids are less mature physically and emotionally, they are getting their driver license a year later than their peers, other similar things.
*again, your gut feeling
*think about the emotional maturity of your child.

I have a sad story to tell about a great, bright kid, who was grade skipped very early on, in 1st grade actually, but let's leave it until January.
Merry Christmas everyone!
Ania