Yes, the disconnect(s) under the skirt of the spa or hot tub qualify as the required disconnect(s). They/it certainly would be within sight of the equipment served. Some have said that an additional disconnect is needed within sight of the spa or hot tub. The '02 code seems to make it a lot clearer to me by saying "within sight of it's equipment" 680.12 and not "within sight from all pools, spas, and hot tub equipment and shall be located 5' from the inside of the pool, spa, or hot tub" as it did in the '99