At Netflix, you can. The key is creating performance-based assessments. Same reason why my team virtually works from home.
Last week I was out on a short bereavement leave and it was such a comfort not having to worry too much about what was going on at work; while some of my other relatives had to get documentation to justify the time away from work. I think for each company, it goes to an overall philosophy about work and accountability and whether you get the best out of people just being there or feeling empowered to step away when it is needed.
I don't want to be too much of a hypocrite. At this point, I get 4 weeks of vacation a year without a clue this year about how to spend it. And I can't really imagine spending more than 4 weeks a year on vacation. But to know that you *could* must be pretty cool.