A few things. First, if the policy really does change from an entitlement to an unspoken privilege granted by your immediate superior, then I doubt the policy was implemented properly. I suppose it depends on the industry, but if corporate policy says your vacations are not tracked, it stands to reason that your time off can't be requested/approved/denied. If you get your work done, your company should by happy with your performance.
Also, when you do leave a company, you don't always get the vacation days as a bonus in your paycheck. Sometimes those days just disappear. What's even worse is that some vacation days may be a part of your compensation plan, but work pressures prevent you from using them, and they expire within a year. Vacation days are hardly an entitlement.
Personally, my ideal work situation would allow me unlimited and untracked vacation days, absolute freedom to work when, where, and how I choose, and pay me ONLY based on performance (both my direct contributions and a percentage of overall company profits). I suppose this is fairly close to actual business ownership.