As long as the second one has a secure surrounding and people to take care...grandparents for example I dont think it matters...children are very resilient and more accomodating than most adults!
and if the parents compensate for the lost time later I dont think the second child will have any permananent scars on his development/ personality!!
Again I concur to your views, Ashu BUT as a parent.
As a child I wouldn't want to spend time with my grandparents but my parents. I know some parents in US who have sent their kid to India to be taken care of grandparents till age 3 so that both of them can work here. I am sure when this child comes back to live with them he is not going to feel left out and his parents will provide all love and affection he needs.
We have no say in such situations as it is individual matter. But just for argument sake I find that arrangement selfish. If a parent is not able to take care of child then don't bring him to this world.
I know both situations are different. In the first one (Cancer one) ANY parent would do the same what those parents did. But in this case (sending a child to live with grandparents) most won't follow what these parents did.