We've had this at my company for a couple years now, but only for salary. When we transitioned, you didn't get a payout for your PTO hours, they just disappeared with the implication that you could still take that time off (it never even occurred to me that paying out was a thing that might be done. Oh well, I never accrued much before using it anyway). They kinda played as a good thing for employees, but didn't pretend that it wasn't all about the financial aspect of not having PTO on the books. Now they make a big deal about it in job postings.
Actually taking the time off depends heavily on your manager. Mine is great, and I had no trouble taking a month off last year to go to South America. I didn't have to spend 2 years hoarding my PTO beforehand, which made my life easier. Other employees get crap from their managers for taking long weekends, but I assume it was like that with accrued PTO. Overall, I like it, but if my manager was a jerk about it, I'd probably want the hard numbers of a defined accrual. I take about 25-30 days a year, and I feel like I could take more if I really wanted.
As for maternity leave, here you take 2 paid weeks "PTO" before STD kicks in, then unpaid leave after that.