I believe MAP could be and should be used for placement and at a minimum for grouping. They do that to some degree in my DS's current school but did not at all in his former. There, it was used solely to develop a cut score that could be used to predict success on NCLB tests. Nonetheless, his high scores were noticed by the prinicpal in fall 1st grade and she suggested additional testing that led to a mid year grade skip.
You may find this thread useful.
http://giftedissues.davidsongifted.org/BB/ubbthreads.php/topics/123198/2.html
