mytake-i dont know anyone who follows Rav Falk. He is EXTREMELY strict.
in the school i work in they dont let it cuz its a bais yaakov.
but i do wear and i wouldnt have a problem with my kids wearing it either. i should be nervous that my daughter or myself is being looked at as a parutz? come on, there are much worse things out there then nail polish. As long as we stay away from the blacks, blues, greens or any of those other weird colors its fine.