For all of grade school, I was not allowed to accelerate in any subject or full-grade because I was too disruptive in class. However, I sort of managed it anyway, as I made friends with some middle school teachers and stayed in their classes when I would get kicked out of my lower grade classes. In middle school, my science and math teachers allowed me to subject accelerate a bit (and work much ahead at home and during the summer). By high school, my teachers saw a need to accelerate, so they let me work on college material during the regular class that I needed to officially take instead of making me sit through class.
I liked being challenged when I accelerated, but I have had problems along the way. It was too little too late, mainly. Taking classes with seniors my 8th grade/freshman/sophomore years helped me academically, but I wasn't able to graduate with all of my friends, which was really hard each year. Also, working through college material but not getting credit for it has hurt during college, as I've had to repeat what I already know. Grade skips would probably have helped with the social aspect (not having to say good-bye to my friends every year), as well as the academic aspects.
That being said, I enjoyed athletics very much, and I probably would not have been able to enjoy as much athletic success (winning state tournaments...) if I had been whole grade accelerated to the extent that I would have needed it. I also really liked my friends on the teams (my age or a little older). In addition, I don't think I would have lasted through school without any acceleration...