Jen,
My oldest dd's IQ came out at 132 as well when tested at 7.5, but also with wide ranges and sections of the test that she completely refused to complete. Her scores within the subtests (even within one subtest) ranged from the 25th percentile to the 99.9th percentile. Initially we assumed her to be moderately gifted as well and that the school should have a number of kids like her. Over time we have realized that we were wrong about that.
Her achievement scores have consistently been in the 99th percentile for everything except math even post skipping a grade. Her reading comprehension was testing at 12th grade equivalency and her writing on the WJ-III was at "grade 18+" both in 2nd grade. Last year when she was a 10 y/o 6th grader, her reading scores were beyond where she would be expected to be for a college senior. Math seems to fluctuate btwn the 92nd to 97th percentile. Science and Social Studies are also in the 99th.
While she probably isn't a PG/DYS eligible kid, she is highly gifted and a grade skip seems to have been a good choice for her. She was already young for grade prior to the skip, so she didn't turn 11 until a few weeks after she started 7th grade, but she is doing well in the accelerated classes in middle school. The only issue we've really had has been her speed. She isn't a fast worker and I worry about how long it takes her to get homework completed and what that will mean as the workload get heavier.