Presumably it's basically, legally, no contractual paid PTO but then they let you take PTO anyways? Because if they put N days in writing, well, then it's just the same as always. A liability on their books, etc.

But this is a totally incoherent statement. The company offers unlimited PTO. When you leave, they have to pay you an infinite amount of money? That obviously is not the law, no matter how much you say it's the law.