I'm talking about the average/majority case. I also have a colleague who managed to talk his way (after completing a major re-architecture of our product) into a 3 month paid vacation. He gave his notice 2 weeks after coming back from that.

So - if you are a high performing individual, you can make it work for you, but for a lot of people, unlimited days morphs into no days.

But - I think your kicker really captures the impact of this policy "t's just a matter of having a company that actually wants reasonable work-life balance for their employees."