Philosophically, taking kids out of school for a vacation sends a clear message that pleasure is more important than meeting one's responsibilities, that following one's whims is more important than meeting one's commitments.
We all demand "accountability" from our schools, then proceed to undermine their efforts.
I teach high school, so of course I'm biased. I won't take my own kids out of school for vacations. At their age, school is their first job and their prime responsibility. They have one shot at getting a solid educational foundation and missing class won't do it!
My experience is that the work that I prepare for students in advance is rarely done. (I applaud parents and their kids who follow through. If everyone did, this would be much, much less of a problem.) Lab work is missed and in many cases can't be made up.
I find myself taking extra time to prepare these materials which is usually wasted when they are not done, then having to spend additional time tutoring these kids after school because they have fallen behind. This tutoring has to be on days other than my regularly scheduled extra help (every Thursday) because other students need help with current topics, not those from previous weeks.
As a result of these folks following their whims, I have found myself in the position of having to miss a son's wrestling match so I can stay after and get a "vacationing" kid up to speed before a major exam. So, I am penalized for someone else's convenience. Sure, I could have told the kid I couldn't meet that day, but he would have failed the exam.
There is no "wasted time" in my classes, and while Disney is educational (and wonderful!!) it will not successfully prepare kids for standardized tests or final exams. Anyone who advances this rationalization is kidding themselves.
With 4 days off for Thanksgiving, a week plus at Christmas, a week in February, a week plus in spring and the whole summer, I think there are plenty of opportunities for vanations that do not interfere with schooling.
I'm sure there are conscientious folks whose kids work at their assignments, return to school prepared and do fine, but the great majority I see are not so fortunate. And, I still have a problem with sending kids the message that vacation fun takes precedence over meeting commitments and responsibilities.