I had a similar option 5 years ago... I took it and have no regrets.

I agree with prior poster - this sounds like gov't furloughs but explained with a positive twist.

Sounds like a great option for someone with kids. But are you sure that childcare savings will offset the salary reduction? Most daycare centers require you to pay whether you show up or not, and most nannies would have trouble making ends meet with ten weeks of unpaid vacation plus two weeks of unpaid federal holidays.

OP again. I am 35 and have worked there for 9 years. For the vacation time, there will most likely be a lot of flexibility with vacation time encouraged to be taken over the summer, and definitely multiple weeks in a row allowed to be taken. There will not be a carryover option so you use it or lose it. All individuals in my position will be allowed to take this 10 week option, so I don't imagine there will be too much co-worker jealousy...but if there is, I can handle it. With my current position, I can easily get the work done, even with the extra vacation days. However, if my company reorganizes, which they've been threatening to do for years....the workload will definitely be much more intense.

A prior PP presented a few scenarios of increased vacation with tenure. How old are you OP and how long have you been with this firm? The days of being with a firm for decades are rare. Also- it sounds like you'll hear more about this from HR- such as all summer off (are you in a position that can do this?), roll over, etc.

I would take that in a heartbeat, assuming the fine print was all acceptable to me.

Carryover would be great - but with that much every year, probably not a dealbreaker.
Make sure you can take multiple weeks (ie DH's boss would DIE if he took two weeks in a row, but I could do it with plenty of notice).
Make sure you can use it for an "adjusted" schedule (ie every Friday off through the summer. I would kill for this).
Factor in the potential reduced daycare costs - but keep in mind that one fewer day per week will rarely translate into actual savings... ie DD's daycare has a 3-day, and a 5-day plan. 4 days? We still pay the 5-day rate.

Any chance of repercussions with your coworkers, or is everyone being offered this deal? Just thinking... if I suddenly had a coworker who was ALWAYS OFF I might, just might, be a teensy bit jealous, and let that spill over into unprofessional biatching about how she is never here, I always have to pick her shit up, etc.

Just as an aside...not all companies pay out unused PTO when you leave the company - it is NOT required by law in Va or MD. You should verify your company's policy on that before factoring that in.

I would take it.

Take it, unless there is smelly fine print.