Pretty evenly divided, aren't we?
As I made clear at the top of page 3 here, I feel that there should be no issue if a known to be responsible parent of a known to be attaining DC takes time off during term time, I really don't have an issue with it.
I think the argument re the 'catch up' time is a BIT precious as, judging by 90% of the other educationally related posts on MN, we're all agonising about how our DC isn't being stretched as they're OBVIOUSLY YEARS ahead of their peers, OR how their DC isn't being SEN'ed as they're lagging behind so far. A week or 2 ISN'T GOING TO CHANGE THAT. We are talking academic differences of a year either way by Y5, for instance.
How about if the application form comes with the caveat "The school is under no obligation to make up lost educational time with your child" and perhaps get the teacher to chuck the missed homework in a separate file each day to give to the parent upon their return- perhaps with the warning it won't get marked?
And as for the 'Think of the poor teachers and their inability to TAKE in term holidays' back atcha- You, like us, chose your profession. The downside of yours is you can only holiday during school holidays. You're compensated by having 13-17 weeks paid holiday p.a.... And no child care issues during the hols. Swings and roundabouts.