[epsylon]

The biggest problem with "unlimited vacations" is that companies that offer these kind of policies cannot organize and compute their employees' workloads without using an arbitrary number of holidays, which will probably be set to the minimum.

Your manager will give you yearly (or quarterly) objectives with 10 or 20 days of vacations in mind, so if you use your right to unlimited vacations to take more than that, you will most likely be off your target, and that will be reflected upon your pay raise at yearly review time.

A fixed (and high) number of holidays is the only way to go.