jeez, talk about this kind of stuff brings out the most reactionary people on HN.

One advantage is that it's really easy to take a day or two off without thinking about it. That was my experience, I live far from my family and unlimited PTO made it super easy to take a day off every few weeks to fly out for a visit.

Another advantage/disadvantage is that it really brings out the culture. You'll learn extremely quickly how the company values work/life balance. It's either great or terrible ime.

A huge disadvantage is that unlike veritable paid time off, if you are laid off, quit, etc, they don't have to pay you a dime.