If you think your son will measure out somewhere in the middle of the pack academically, then by all means put him in K. But if you think he will fall at the bottom then hold him back. His confidence might be effected. He will struggle to keep up if the K program is like the one at our ES. The K teachers at our ES said that the K students are doing what used to be 1st and 2nd level work (with the exception of math now with 2.0). Ugh.
This is terrible advice. He will struggle? His confidence will be affected? K students may be doing harder work now, but they are still the same children. If he is doing fine with the other kids in preschool, which uses the same year for age requirements, there is no reason to hold him back. He must be among the youngest kids in that group too, but OP says he is having no problems. How will his confidence be when he turns 18 and his friends are leaving for college but he still has another year of high school?