HomeEducator.com recently ran a short article titled, Gifted Children and Homeschooling by Kathi Kearney. I think the article offers a balanced and thoughtful overview of the topic. From the article:

Not every parent should consider homeschooling for a gifted child and not every gifted child should be homeschooled. That said, homeschooling is an excellent alternative for many gifted children at some point in their development.

Homeschooling is an especially important option in situations where a child’s school can’t—or won’t—provide appropriate services and, as a result, the child’s social-emotional development, behavior or school achievement starts to deteriorate.

Kearney feels that homeschooling can offer greater flexibility in curriculum pacing (acceleration strategies) and in the depth and type of enrichment activities that can be offered gifted children. She also points to some of the pitfalls that homeschooling parents may experience. For example, she says that many homeschooling families may find the "canned" curricula offered for sale to homeschooling families fall short where gifted children are concerned.