I think the original post describing the other mom was very weird- I mean, how do they know for sure that in 7 years, your child will be the only competition for the scholarship? Maybe they have moved away or their kid isn't making the top grades and test scores the child is capable of? It's nice, I guess, that your child is an "academic threat," but that is so weird!
Some academic competition is good and too much is bad, I think.
We are in a heavily "Tiger Mom" area. My son's best friend in third grade is Chinese and goes to Chinese school each week, one hour violin, and 2 hours piano every day! The boy seems heavily depressed all of the time. He is not a dumb kid but not as smart, probably, as his parents hope he is. I just don't think it is worth it to make your child so profoundly miserable all of the time like that.
