Totally off the cuff as my daughter isn't K age and we homeschool, but I had considered school for a while and nixed that idea after her poor experience in pre-school which left her feeling she was some how "wrong" for being her innate self. I digress!
Back to the topic, I have heard on different boards for GT kids that it is better to keep K and skip first grade. The reason is that K is designed (mostly) to let the kids explore - their environment, various ideas, social skills (although I always find the idea of a bunch of 5 years old learning social skills from each other a bit silly), etc., whereas 1st grade is more seatwork and less opportunities to "get the wiggles out". So, especially, if this is going to be a child's first school experience, K is a gentler introduction.
Well that probably wasn't very helpful; I did admit it was off the cuff.
Mizzou