I'm just going to add that I think it's silly to get paid your last salary for vacation time you earned when you were 25. While I don't care for caps on the accrued time, I see nothing unfair about scaling the time by your salary - such that if you have 100 vacation days and you get a 10% raise you now have 90 vacation days.
Personally I don't care about being paid for unused vacation days. I just want my vacation. And I don't want to have to use it all for Christmas. (Some employers I've worked for give you a week or two for Christmas automatically, some make you use your allocated days.)
I think it makes sense to pay out for vacation days one could have taken but didn't when they quit or get laid off. I'm not sure it makes sense to pay for vacation not taken in previous years, but maybe.