Here in Mass., we have been following that schedule ever since I can remember and I graduated 20 years ago. This year my kids Feb. vacation was the second week of the month but in 2005, it will be the third week in Feb.
I do not know how the crowds are at WDW during Feb. vacation, but my mom brought my son on a cruise this year on Feb. vacation (which was the second week of the month) and the cruise was packed. They said they were expecting the same attendance the third week also. I guess alot of schools have either week off. So, I would expect the crowds to be heavy at WDW too.