I'm with those that think learning is not by a long shot, all about what you do at school.
I agree with those that say that this is more attendance rates driven, rather than a genuine concern about the effects of taking children out of school. My understanding is that there is no issue in private schools with children being taken out for holidays.
I actually missed the whole middle term of school when I was 15. My parents had long service leave and we drove around Australia for 3 months. {I'm from Australia, so this was when living / in school there}. That was an amazing opportunity that arguably was just as educational as what I was learning in school at the time.
The school gave me work to do while I was away and I successfully passed the year, so it effectively made no difference to me missing that amount of school.
it does not instil discipline and abiding by the rules which will be very important for them in later life
I disagree with that argument too.
My attendance rate at school was very good outside of this time out of school, which the school agreed to, and so that discipline was still learnt.
As an adult I'm a really punctual / organised / reliable type of employee etc, who rarely has a sick day etc.
My son starts reception in September, I need to go and see the head teacher as soon as we start, as we have a trip booked to Australia in November. It's in term time as it's my father's 70th birthday, and this will be a chance to see our extended family.
I will think more carefully in the future about general holidays in term time, even though I strongly don't agree with the policy, but would book trips to visit famliy in term time again in those sort of circumstances, so the unauthorised absences / fines if something I can / will have to live with.