It's all about personal priorities, I believe. We never took Tex Jr. out of school for vacation, ever, and wouldn't have considered doing so because, again in my opinion, that's sending the message that fun takes priority over duty. And I'm saying duty because kids really do need to get the best education they can, while they can, and I don't believe that vacation to Disney, Yellowstone, or around the world teaches them anything that will be particularly useful when they're adults.
I'm of the firm opinion (Mrs. Tex is from a family of teachers and feels even more strongly than I do) that school is a job with lots of vacation time and a crappy policy about when you take that vacation -- precisely when you're told to. Like any other job, you're expected to be at work unless you're sick. You can travel during vacations or after you graduate.
I would never tell anyone not to do as they see fit regarding their own children, so do what you think is right. All I'd tell a parent asking for advice would be to check the testing schedule (all the stupid high-stakes testing from NCLB), check your school district's and school's policy on absences, and talk to the teacher(s) ahead of time.