Take it with a grain of salt because my own child is only 4 right now, but I'm leaning toward encouraging her to take a year off after high school and starting college a little later. If I could do anything over again, it'd be that, as the extra year of maturity would have helped.
The other thing to think about is how quickly do you want your kids to grow up? You don't get a do-over on childhood and assuming a stable family life, that's a time to really enjoy everything going on around you. There's a balance to be had, and you can continue to promote advanced academics without having to sacrifice childhood. I'm from an immigrant family and part of the reason I work hard is the same reason my parents did - so that my kids can just be kids and not have to rush to the workforce, but I do admittedly have a pretty even blend of American and Italian professional and social values.
I don't know if a 16-year-old would fit in as well at a big party school where they'd never be able to partake in much of the social scene (legally), though.