K.C.
As far as I know the program differs from school to school, county to county. I teach in Seminole county and our school has a pretty small gifted program.
Your counselor, teachers, and psychologist would probably not have a formal Student Study meeting with you if your daughter did not pass, but they also might if she was close and want to keep you open minded for testing again at a later date. Write down any and all questions you have before you go to the meeting that way you can make sure that everything you want to know gets answered. I hate thinking of questions later so I always try to think of them before.
At our school the children that are in gifted go with the gifted teacher one day a week (after the first 90 min of the day which is our reading block) they spend the entire day with that teacher doing their own lessons and are excused from classwork. I know at other schools the kids go for a certian amount of time each day.
My advice would be to try it out (assuming she gets in :)) and if you/she doesn't like it by the end of this school year, you can take her out of it for first grade.
Good Luck and way to be an involved mama!!