I loved everything about the Netflix HR manifesto when it came out except this part of the policy. I’m now at a company with ‘unlimited’ vacation and have no idea what’s appropriate. My vacation time is now not really my vacation time or is it? I completely agree with you on your view regarding this policy. I think it’s well intentioned but wrong.
For a vacation policy, it’s very helpful and less stressful to have hard definitions of personal time and management flexibility regarding exceptional situations.
On the other side of the seat, it’s very nice to not have to track vacation or carry vacation time on the books as a liability.