My DD1 is in reception and is a fluent reader (Enid Blyton type books). Her school is a very good school and to help her, they do lots of things with her to stop her getting bored. Whilst she does still do the group reading with other children in her class, she also gets taken out of class to do reading with other boys and girls of a similar reading level to her - so she is reading harder books at school.
As she knows all of her key words, she has to now learn to spell them.
When they are writing in school, the teacher will not help her with spellings as much (or so I'm told), she has to try and work words out phonetically (and I have to do the same with her at home).
She has also got a special writing book, and sometimes she does one to one writing with her teacher - because her teacher noticed that she likes doing writing so much.
She is also being taught other things about reading. For example, she came home the other day and said 'that's an exclamation point, so it has got to be read with feeling'. She is learning lots of things like that too.
She is also being stretched in other areas too, to encourage her to be well-rounded, so she has to do taking away (although I believe not in the curriculum until year 1 and so on...)
That said, DD goes to an OFSTED outstanding school, and my experience is that it is a very good school and they do work hard to stretch her. She does still have to do the whole class stuff, but that makes up such a little part of the day, that it's not a problem. (If she were bored, she would misbehave!)
There are lots of little things a good teacher/school can do to stop teh child getting bored - at least it seems with my DD!