Being in second year certainly makes it easier to have time for other things, compared with first year. I'm also lucky that by having Wednesday and Thursday night classes, I was away for almost two weeks, and only missed one week of classes. Lectures can be recorded at students request, and most materials are posted online by the professors. My negotiations team was also very understanding as we tried to complete our group negotiation paper. We had emails flying across the globe at all hours, and I spent time on planes, in airports and also by the hotel pool working on the group paper. But it did make for efficient team work due to the timezone separation - as Katie completed one revision after class on Monday night, I was logging in at Singapore airport on Tuesday afternoon. I then emailed the next version from Hong Kong airport by Tuesday morning PST for the rest of my group to review.
But I certainly wouldn't recommend vacation during semester - it seems to be getting harder and harder to switch off from work these days with blackberries and wireless connectivity, adding to that the constant requirements of an MBA certainly can limit down time.
But another semester has flown by - excluding Thanksgiving week, there are only 3 weeks of class remaining for elective units. It will be Christmas (and hopefully some well earned down time for all) before we know it!