Hi iybuyk,
I have a DD4 with a WPPSI score similar to your son's (139). She was attending a gifted preschool, but for logistical reasons we had to make a change. The preschool she's currently at is doing the "letter of the week" thing, and she's completely bored. I asked her the other day how it was going, and she said, "Mom, all we do is watch movies and play at stations. We don't LEARN anything." She is starting to balk at going to preschool, so I know what you mean about the love of school dwindling. Unfortunately, we don't have a lot of choice until next fall when she starts kindergarten.
Interestingly enough, my DD4 HATES to write as well. She gets frustrated because she can't form the letters/numbers well enough for her taste, so she avoids writing at all costs. It's hard to get her to practice, as her perfectionism prevents her from even attempting it. This could very well be your son's issue, as I know that gifted kids often "see" things in their heads much more clearly than they can physically dictate - and their frustration can be prohibitive. I wouldn't worry about the FSIQ being a "fluke" - a high score can't be earned by guessing on every question.
As for the immersion school, I know lots of people who love it. I have heard it's great for gifted kids for the first couple of years, but they tend to get ahead of everyone else after that anyway - the language immersion just prolongs the inevitable. We've actually looked at a dual language magnet for Kindergarten next year; we need to take a tour and find out more about it. There is an immersion thread around here somewhere that has a lot more info from others who have tried it. I also agree with St. Pauli about it being a good thing your DS isn't the smartest kid in school. My worry for gifted kids is that they don't figure out how to handle an academic challenge when they're young, and the first time they run into one (high school or college) they don't know how to take it.
Keep us posted on what you decide - I know where you're coming from, as I'm agonizing over what to do for K next year! Good luck!