Is there an option that enables:
(a) the spawning of a separate individual calendar entry when recording
an exception to a recurrence series?
OR (b) the logging of exceptional dates against a recurrence series so that
any special arrangements and/or holidays can be excluded from the original
posting and any subsequent revisions to the series?

I'm posting class schedules for individual students. Usually the recurrence
facility works reasonably well but:
- if they call to cancel one class and I change an individual calendar item
with a revised subject such as "CANCELLED - John Doe" any subsequent
revisions to the recurrence series wipe out this exception!
- for those students who've signed up for a specific number of classes, the
"End after xx occurrences" feature takes no account of public or private
holidays
--
Cheers, Dave