That's how my company operates. We have to track our PTO, but we also get Overtime. I like it, especially if you
get a supervisor who is laid back if you are an employee (and thankfully most are). We have a request system, but nobody uses it unless they want to "officially" block of a vacation months in advance (which helps with coverage).
If we have a dentist appointment, we show up and say "Got a dentist appointment". Then we take the appropriate PTO code at the end of the day.
I don't mind it, having a quasi-hourly work rules for Salary keeps the company from some Salary downsides (pressure not to take vacation or work extra hours for free).