On the one hand, I wouldn't want kids who could otherwise successfully attend and graduate from college not do that simply due to algebra. On the other hand, I can't help but think that this is yet another example of the dumbing down of our educational system.
After Algebra I comes Geometry, Algebra II, and Calculus. It doesn't seem too much to ask in 4 years of high school to have kids take Algebra I. Kids in most other countries do that and more. My son in his G/T class will take Algebra I in 7th grade.
There are lots of kids who are gifted verbally and not in math. Still, I personally think everyone, gifted or not, really should try to make it through Algebra I.