I think it depends on the age/level of the child. Some kids (and families) are responsible and get work form the school before hand, and actually do it and the student doesn't miss out on much. But, other kids can't miss class and keep up because they either don't understand the subject(s) or aren't organized enough to get assigned work done. Still others freak out at the thought of missing a day of school for any reason. (Not that this is the issue in my house)
As a teacher, I don't like it when families take students out because they then not only miss what is planned, but also those wonderful times when something clicks in class and you have a really cool discussion, or you get into a side topic that really gets the kids excited and interested in the subject.
So, I'm pretty torn about it. However, I think I will have less problems with it as DD gets older, since she (like so many here) can catch up quickly if need be, or won't be missing much anyways.