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In college, I had some friends who went to schools that operated on the quarter system. Basically, they liked it; they seemed to always be having some sort of school break, while my university only had Spring Break, Winter Break, and a short fall break. I never heard any of them complaining, except for the ones who went to a college that had been on the quarter system most of the time they were there but was switching over to semesters...that was a nightmare, because they had trouble getting the classes they needed to graduate since there were only two opportunities per year to sign up for them, whereas on the quarter system they had more. Maybe someone whose college is on quarters can help you out a little more; that's about all I know.
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