The approach appears to be a genuine attempt at raising academic achievement for our students. It could also be met using Curious George Goes to the Circus. There are no specific standards which students would have to display in order to prove initial mastery of concepts and processes in math.
Standards imply accountability.
That is their purpose. These kinds of standards do not provide it. Gifted students are, by definition, able to proceed through the curriculum at a faster pace, with greater comprehension and greater depth than other students. Many educational practices currently in vogue under the umbrella of school reform work against these students. One such practice is cooperative learning.