Well, since you can still go to school during "jiyuu toukou", neither "school's out" nor "vacation time" really work.
Anyway, "RPG Maker" isn't terribly far off the mark...the game is fully moddable. Once the VWF code is in place, you can theoretically rip the game's guts out and rewire them any way you see fit.
One of these days, my util "Burn My Dread" will probably act as an editor for everything, but right now it's a shambolic script analyzer that makes educated guesses as to where the script jumps are. Oh, did I mention that part already? The game's script is actually a mess of proprietary bytecode wrapped around the actual text. I had to modify Atlas to do the thing by hand without going insane. For 2 and 3...Burn My Dread will just have to get an upgrade. ^_^
(Can't wait for that, BTW. Atlas delayed the release to June from its original February date, which is good because it means we'll probably be getting the bonus content from the special edition due out in Japan in April. "I once ran away from the God of Fear and he chained me into despair...")
...And yes, the fairies are arguably the worst thing about this game. Problem is, they're ubiquitous through the first four games as well as Melodies, although the one in SF4 actually looks cute. It seems that they're always at the root of some problem...
Another "before and after" detail: for a while, their parting "We'll be waiting for you, Aster!" ended with an ellipsis instead of an exclamation point, making them unintentionally creepy(ier).