FWIW, my DD attends a full-day public gifted magnet that advertises that students work one grade ahead. This is pretty accurate. In her current grade, some students are working about 6 months ahead in math and the rest are one grade ahead. AFAIK, no additional math enrichment is offered. In reading, they have read books that are approximately on grade level to books 3 to 4 grade levels ahead. One good aspect of the school is a major emphasis on special projects, which are designed to allow motivated students to produce work that is very detailed and elaborate, if they so choose. The students also have a lot of great field trips and special programs. However, there seems to be an expectation that because they are gifted, they can handle a crushing homework load and are also more emotionally mature and organized. As we know, there is zero reason to assume the latter. The workload is stressful and sometime I miss DD's old school, where HW took her 5-10 minutes.
The greatest benefit of the school for DD has probably been social. She is far more socially integrated and popular than at her old school. The other kids share many of her interests and many are also just as quirky as she is. Also, I feel it has been good for her to be exposed to students who are as bright or brighter than she is.