My sister and I both skipped grades and we have very different feelings about it. I think skipping K or 1st would be ideal, but skipping in middle school was very difficult for my sister who was very social. Her teen years years were very hard on her and she struggled with an eating disorder. Now, I am not blaming skipping for all of her problems, but I think she had a lot of social pressure because she was young, small, and insecure with an ill-timed grade skip. She ended up trading academic boredom for a host of social problems my parents did not predict.
I think skipping a grade in early elementary would be totally different (and was for me). However, you have to think ahead. The reality is when you are academically ahead of your peers more than one grade level, skipping one grade will not be enough. Even multiple grade skips didn't solve any real academic issues for me. I am not resentful about grade skipping like my sister is, but my DD5 is homeschooled because of my own experience was less than ideal.
I know it's a hard decision. There are so many factors you just can not predict or control (like peers, teachers, competitions, etc). I think all you can do is consider your own child's temperament and needs. Personally,I would focus on the overall happiness of my child this year and try not to worry about all the "what ifs" that might come to pass. You have to do what you feel is right for your situation.
