We've always taken our girls out for a week to go, since DH cannot take off time at holidays - and summer is way too hot for us Northerners! We need our winter time break!
My 2 older girls are excellent students - high honor roll - etc. It has never been a problem - although science class is mainly in class group projects, which can be hard to make up. They were always given plenty of personalized projects to complete either before or while we were gone - without a problem. I've noticed that the school has no problem pulling them out of classes for many other reasons(band trip, peer mediator conferences, tutoring, etc), why shouldn't I? I did give EVERY teacher, including special, plenty of written, advance notice of our plans - complete with a requested makeup work sheet - and I always make sure it doesn't interfere with term end, testing, etc. My youngest is in first grade this year, and I do worry a little more about her, as she does struggle with her school work. Luckily, her teacher gave me plenty to do with her as well - and I am a very popular substitute teacher in their school - I work just about every day - so I am comfortable filling the teacher role.
Next year, my 14 year old will be in high school - taking all Level I (honors/AP) classes - so I don't know how this will work. She is also a 3 season athlete - so we are trying to work in a middle November trip - there is no school Nov. 10 - 11, due to Veteran's Day and a teacher workshop - so we are going to try to do that week, and catch the end of the Food and Wine Festival for the first time. I have to check in September with her teachers, and ensure that it isn't end of term - the high school still works on quarters, while the elementary schools are all on a trimester system. I do know that field hockey season will be over, and basketball and/or skiing won't have started yet.
So, basically, you need to judge your own situation, and whether it is workable for your family.