These threads always fill up very quickly with lots of people saying 'oh, reception is all about play'. And it is, and a good school will handle the situation well. A less proactive school may not, and the problems can be more subtle than being simply bored. DD entered school reading chapter books, and they did try to find her books at the right level quite early on (but with exactly the problems muggling described).
But DD often felt very overlooked (something which manifested itself as an obession with star of the week) and when we got to the bottom of it, it turned out that she saw other children getting praised for things she'd been able to do for ages, and yet her achievements were never noticed.
The other thing - and I am aware that I may be about to call down a storm of fury here - is that socially it can be difficult. DD at the start of reception had a far longer attention span than her classmates, and wanted to play far more complex games, when they just wanted to run about. She'd just be getting into a game, and they'd wander off to do something else.
So I'd say, if it is a good school it may all be fine, but it very much depends on both the school and the individual teacher.
Oh, and the g&t register is no longer a requirement, and frankly isn't much use at the best of times. What's much more important - and what they do have to demonstrate to OFSTED now - is that your child is making appropriate progress. (And, just to warn you, many schools will massively underestimate your child's level at this stage, just to make their lives easier later on when they have to show progress)