From what I've gathered, for them to even consider a skip your child would have to be the top student in his grade AND the top student in the next grade up. So to skip kindergarten, your preschooler would probably have to be on the third or fourth grade level in everything, including (maybe especially) handwriting.
Of course a lot also depends on the other kids in the class. If you are in a high socio-economic area, you might be surprised at how many kids arrive in K already reading. (In my son's class there were six-- and no, he wasn't one of them.) On the other hand, if you are in an area where most of your son's classmates can't write their first names and don't know their last-- well, a skip might be well advised.