There's actually a third path: put smart kids in college early.<p>I went to a program at a state school in Southern California. It was pretty amazing. I was with about 120 peers (20-30 students per class year), who ranged from 12 to 18. We had a common room to go to between classes, so it ended up as a hybrid between high school and university – the more challenging courses of university, but with the peer group and social experience of a (very small) high school.