Floridama, I think the school does plan to "do something with it". Everyone seemed to agree that my son was significantly ahead of his peers academically. However, it was the inattention in the classroom and difficulty relating to his age peers that prompted testing. Turns out, with observation and the testing, that some of those "issues" are probably at least partially related to his need for more challenge in the classroom.
Note - The school psych. recommended a grade skip (to 3rd), but neither we nor the head of school were convinced that is the right thing to do. Maybe when he matures a bit more? I look forward to meeting with an independent psych. very soon to try to sort out all of the test results and determine how to proceed with the school.