I really think the gifted program, at least as it was implemented in my schools, is a complete sham. After being able to easily pass multiplication tables and multiple choice tests in 5th grade, I was placed into 8th grade math; pre-algebra. I took pre-algebra 3 times in middle school, never once taking any of the fundamental math classes below it, and as a result never developed the important math skills I needed, something that has caused me to struggle throughout my entire software development career (I don't even know how to do long division!).

My personal solution would be to keep kids in the normal classes, but allow them to opt-in to more challenging course work if they feel they are not being challenged (with the ability to take a step back if they need it). I think the middle school age is the most important time to push this, where grades (at least in my case) aren't exactly the most important thing in the world and aren't a clear determinator of future success (i.e. affecting university admissions).

I don't have kids right now, but if I do, I am not letting them skip ahead on mathematic courses during their foundational years. I'm lucky that I've had the drive to succeed regardless of my inability to pass even the first Calculus class in college, but it's been a huge demotivator in a field full of passionate mathematicians who are my peers.