Like most policies at Netflix, or for that matter most workplaces anywhere, judgement is required.
The policy is unlimited. You are welcome to take a year of vacation a week after you start. However, there are other factors, such as remaining employed. You most likely won't be meeting your job duties if you're on vacation for a year.
Not really sure how you got that from what I wrote.
You're expected to do your job to remain employed. You are welcome to take as much paid time off as you want, in which you would ignore your job.
Assuming you did your job well, this won't be a problem. You either set things up to run on their own in the short term, or you've sufficiently cross trained someone else who isn't on vacation to cover for you.
What I'm saying is that if you try to take a year of paid vacation a week after you start the job, it's unlikely that you've set up either of those things before you go.
The policy is unlimited. You are welcome to take a year of vacation a week after you start. However, there are other factors, such as remaining employed. You most likely won't be meeting your job duties if you're on vacation for a year.