Automattic's earned sabbatical policy is perhaps their greatest benefit; it's really amazing. However, I'm personally a fan of “minimum” vacation policies versus open ones — though both are certainly better than maximum leave policies. From my experience on the employee side, I've always been more productive throughout the year when I have 3-4 weeks of vacation to break up the seasons. I'd go nuts if I worked somewhere with only one or two weeks of vacation allowed.
Lori McLeese, the HR Lead at Automattic for the past five years, shares her wisdom on vacation policies.