This is absolutely it. I worked for 2 different start-ups and as an engineer it is damn near impossible to get tangible value out of equity options, yet they're

This is absolutely it. I worked for 2 different start-ups and as an engineer it is damn near impossible to get tangible value out of equity options, yet they're being used as a mechanism not to pay market rate salaries with the notion that it'll be "worth it in the long run". Maybe it can be, but I haven't seen it, nor has anyone I know working in the valley.