The study explores the consequences, for participating schools, of the implementation of a system for the identification and selection of academically talented students, in the context of an extracurricular enrichment program operating at Pontificia Universidad Catolica de Chile. The participants were 73 students, 50 teachers, and seven members of the school administration, in seven schools. Data were collected through interviews and focus groups. The results indicated that the identification and selection processes have mostly positive effects on teachers and students. Some potentially negative effects were also detected for the classmates of the talented students, which relate mainly to the manner in which information was handled. Possible implications of these findings for this program for talented children and other similar programs are discussed. (Contains 1 table, 1 figure, and 2 notes.)