While prefs and commons certainly differ in value, I don't think it's matters much given that the goal here is to give employees a fairer, more transparent way

While prefs and commons certainly differ in value, I don't think it's matters much given that the goal here is to give employees a fairer, more transparent way to allocate between cash and equity compensation. The valuation differences are more stark in mid- and late-stage startups; at the same time, only a small amount of the overall equity is being granted to employees. Where I think this model has a real impact are to help the first few employees figure out compensation, which is a complete unknown right now. Pref vs common valuation matters much less at that point.