I recommend reading articles at Hoagies about acceleration, articles from NAGC (National Association of Gifted Children) and the Acceleration Institute's info
http://www.accelerationinstitute.org/Both of mine skipped a grade this year. It has been helpful, but not a "cure all". The youngest skipped K and is doing well socially. It was harder on my oldest, who skipped 4th, but she had bad luck with the kids in the class, who just happen to be not nice kids.
Overall, I recommend it if it fits your family and your child's needs. Do consider the consequences with talent searches, especially if a college scholarship will be necessary.
Good luck!
