In my experience, unlimited PTO is a con, but I work in consulting, where billable hours matter...kinda like at a law firm, accounting firm, or engineering firm. My company had a regular PTO plan, and when they switched they paid us out for our current PTO balances, then switched everyone over to "unlimited" and all new hires then got the "unlimited." Which is to say you get nothing of any monetary value. IMO, our company culture when we had fixed PTO was much more conducive to taking vacation or time off. We had a "use it or lose it" system after X amount of hours, and it was widely accepted that people needed to make sure and take time off to maximize that benefit and not lose it.
So now it's really about whether you can hit your billable hours targets for the year. If you aren't on track to hit your billable hours targets (even through no fault of your own, like not being staffed on good gigs) then you better not take PTO unless you are cool with your raise and bonus being compromised.
But, it's hilarious how the campus hires are like "I really love how this firm has unlimited PTO!" LOL.