Whole grade acceleration should be a last resort, after all the other options have been tried.
CFK, I am curious why you think this. While I certainly agree it isn't the best option for all kids - it really depends on what other options are available, as well as the child's subject mastery, LOG, maturity, etc. I definitely wouldn't view it as a last resort - in fact, for some kids it is probably the best and should be the first resort.
Gr8Family, you might also want to look at the Iowa Acceleration Scale (more information here:
http://www.hoagiesgifted.org/iowa_accel_scale.htm). It takes a number of factors into account when considering a gradeskip, and while I haven't used it, it seems like a very useful tool. Maybe your school already has a copy.
I have to say, I wish I was in a district that was so willing to look at accelerating gifted kids.
Cat