I actually did this--received my A.A. the same month I was supposed to get my high school diploma. Transferred to a 4-year as a junior with a 4.0. Graduated with a B.A. as valedictorian.
I absolutely recommend it. The last 2 years of high school (and first 2 of undergrad) are a joke, really. And the people you meet at a community college and then a 4-yr UG are a vast improvement over the homogeny of high school--it's all about the diversity, man. You also have the ability to take semesters off for internships and travel and still graduate on time. Also, the CC experience gives you a chance to show your true college ability (just in case your high school record isn't spectacular... I was a good student in high school, but I was a GREAT college student, which overshadows any high school mediocrity).
And the lower tuition is a nice plus, too. I didn't have to pay for anything except books for my A.A. since I was still in high school, then I was in-state for my UG.
However, let me add this caveat--you need to have the discipline to take advantage of your resources. Yes, you can go to community college and not learn or accomplish anything and it won't help your record at all... But don't blame it on the school. If you pursue all your opportunities, you can get an incredible education whereever you go. Although my CC wasn't as "prestigious" as my UG, I had some amazing profs there who gave me the foundation for a high-caliber UG education... so I think more of it depends on your willingness to work hard and MAKE yourself a good student, rather than where you go.