We use calendars to show project go-live activities along with Change Freeze Windows and important (Executive Interest) tasks. The Calendars should have the ability to "Add Holidays" to the calendar directly from the user's schedule or the calendar creators selected schedule. It should be in the calendar option Add to Calendar so I can select which color the holidays show up in. It should be in the Advanced Options where you can show Tasks, Projects, Issues and Time Off - there should be one more option (Holidays).
In there, you should be able to add Holidays from a particular schedule or best option, show Holidays for the $$USER.ID Schedule.