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I've never worked at a company that offered it. The articles I've read make it seem like more of a win for the company than the employees because 1) employees with unlimited PTO take less on average than those with set policies and 2) it eliminates the need for companies to pay out unused PTO at the end of the year. I have seen people in other bowls talk about how they've used it to take ridiculous amounts of vacation days each year - like 7-8 weeks - so it can be a great perk, I think it just depends on the company and manager you work for.
It's still manager approval, so it depends entirely on your manager in my company. But with open PTO, I easily take 6 weeks off a year.
I've had friends relate some miserable stories about unlimited PTO. One of them described it as a constant struggle, every time she asked for time off there was resistance. She said the emotional blackmail involved in taking the time just created too much anxiety. She would have rather had a system where you're entitled to a set number of days and there's less anxiety around it.
Translation: “We don’t track time off, but we’ll silently judge you for taking it.” Use it wisely, document everything, and take your damn holidays.
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Unlimited PTO means “take what you want… if you can find the courage.” Basically, paid time off with a side of guilt.