I am late to the discussion, but thought I would give my take on the difference between precocious and gifted.
I think kids that are precocious (as toddler/preschoolers) are persistant in their pursuit of something they are interested in. A precocious child may conquer something as a "splinter skill" but not progress with the depth and sometimes speed and accuracy of a gifted child.
A gifted child is precocious in that they are relentless in the pursuit of something they are interested in, but they go beyond a specified skill to a broader, deeper more accurate understanding often at a rapid pace.
Let me cite an example: A precocious "climber" learns that he can climb and tries a variety of climbing opportunities. A gifted climber may begin precocious but will likely analize what they are climbing: perhaps the risk involved, what would make the climb easier or more challenging,maybe it will lead into learning about muscles, anatomy, etc.
In my musings, I think that a gifted child may likely be/have been precocious, but not all precocious children are gifted.
Just some random type thoughts...
