I was subject accelerated by 2 years in reading starting on my first day of K, though never given a full grade skip. It was a very good situation for me--though for kids with transition issues or who don't have a strong sense of self-confidence, it might not be something I'd recommend. For me, it wasn't perfect, but it was WAY better than doing nothing and staying at grade level. I do go back and forth about whether I would have done better if I had been grade skipped or if the subject acceleration was the best thing for me.
I was clearly marked as different, but that never bothered me. I had friends in my grade, the grade above me (because we shared recess time), and two grades up. I think I fit in pretty well everywhere. I graduated second in my class of 400+ in high school and went to dances and movies and ballgames, played sports, acted in plays, etc.
My biggest complaints with how things went are perfectionism-related: I think I defined myself by my achievements more than other people around me and I don't think I learned to work on things that are hard for me. The first really tough class I had was Advanced Math (pre-calc) during my junior year of high school. I got a B+ and verged into suicidal territory for the only time in my life. I felt lost--if I wasn't a straight-A student, then who was I? I don't think kids should feel that they = their report cards. Perfectionism at its worst...
I can't help wondering if a grade skip might have given me more chances for real challenge.
Finally, may I add that I think these anecdotes are really hard to use in any constructive way for your purposes, Montana. I mean, who's to say that the people who had lousy times with grades skips wouldn't have been *worse off* without them? Or that I wouldn't have been worse off if I *had* gotten a grade skip?
We don't have a good control there, really, because what works great for one kid is awful for another, and each kid only gets to try life one way. Pretty faulty hindsight there...and adolescence is generally a crummy experience for kids, skipped or no!
I think the best thing to do is look at the potential pitfalls and benefits to *YOUR* child in his specific situation--which is very different from the situation of anyone else!--regardless of all the stories. If the stories help you to think more clearly about your particular child's needs, then fine. But if they scare you away from a skip (or push you to skip, for that matter!) in a way that isn't directly relevant to your child's experience and, therefore, is not productive to your thought process, then I'd say drop it. Focus on your child and your decision. All the rest isn't really relevant, IMHO.