That sounds like a sucky vacation policy, but with the job market what it is now, I'm not surprised. I personally wouldn't work for a company with that type of policy (because it just screams "bad management" and a bad corporate culture), but if you need a job badly, then I'd say take it, while you continue to look for something better.
My husband took a white collar/management level position last year with a mid-size oil/energy company. They offer vacation to all new hires based on years of experience, not years with the company. Because he has over 20 years in the business, he received 5 weeks vacation per year right off the bat. He had to accrue the days/hours before he could use them though. We typically take a 2-week summer vacation, and a 2-week Christmas vacation. Since he didn't have vacation to take right away, we squeezed in a week's vacation right before he started in June, 2012, and by Christmas, he had enough to take our usual 2-week vacation. Have you considered taking a vacation before you start? I wouldn't want to wait a year+ for a vacation. No way.