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2.
A company-mandated unpaid vacation, becoming more and more common as the economy sours.
"Dude, why aren't you working today?"

"I'm on fakation. I can't afford to go anywhere, 'cuz it's unpaid."
by jc2 April 12, 2009
 
1.
Having time off from your real job but being so busy that you end up working harder than you do at work.
"Dude, you have like a week off!"

"Yeah what a FAKATION. I've got more to do now; I'd rather be at work."
by EmmaSez December 22, 2008
 
3.
To fake sick in order to have a "vacation" day.
My vacation days are all for Christmas through New Year, so I took a couple of fakation days in the summer.
by Jack Hoffa, CIA void work June 17, 2009
 
4.
A vacation that is lacking, either because it is too short or the location is too ordinary.
In comparison to my two-month backpacking adventure in Central America, the 3 night stay in Vegas was a fakation.
by Carly O'Rourke March 10, 2008