Makes not a lot of difference to me personally, as I am a teacher so can't take holidays in term time anyway.
I do think the holiday companies need to take some of the blame though, as a lot of posters here have said the reason they go in term time is because it is so much cheaper.
I agree that education will not be adversely affected by missing a week. Especially as the expectation seems to be that the teacher will run around arranging work for the missing child, or giving up their spare time when the child returns from holiday to catch them up on what they have missed.