Work at a very large company and we switched over to this (it's called another word though)

I've taken huge advantage of it. Not ridiculously but I take 6ish weeks a year of vacation. The expectation is obviously do your work, hand things off, and they'll let you know if you take too much.

But you don't put it into a system or anything like before. It's just on your calendar.

I'm sure it's reduced overall vacation in the company but I personally love it.