Google did the same, until they realised everyone was leaving immediately afterwards.
I think they changed their rules so that you couldn't add your vacation time to it and you had to pay them back if you left within in X months.
People felt pretty happy with the company for about a year after their sabbatical, and didn't want to leave for about 2 years before their sabbatical (and miss it).
Don't know why this didn't work as well for Google.
My company has been looking into implementing something similar and I'd be interested in reading more. Thanks!