Nevertheless there has never been a short of pioneering spirits willing to risk it all to strike it rich (just look at the gold rushes in the Dakotas, California and elsewhere). This is really the modern day equivalent.
There was a thread here last year where people talked about their exits. A common story was "worked my ass off for X years, ended up with $10k". It's survivor bias.
There is something to be said for getting paid well. I work for Google, I'm not high-level and I haven't been here forever (~1.5 years) and, honestly, you get paid--and treated--really well. Now you'll never strike it rich but you can live incredibly well and, if you prove yourself, have an awful lot of freedom to pursue your goals with an amazing amount of resources and latitude.
Some of the comments in this thread bother me, particularly the 30 days paid vacation a year. In Europe maybe. In the US? Good luck. Never working more than 40 hours a week nor staying late? It just smacks of entitlement. I'm not saying you need to kill yourself for the company but it really is a two-way street.
I tried pursuing that once. The end result of that is what Chris Dixon calls "transactional" work [1]. You owe them nothing. They owe you nothing. I've worked in banking and finance and that's as good as it gets there. It's really soul-destroying actually.
So I work more than I should. Thing is, I'm never looking at my watch because I enjoy what I do. And if I want to go off for a nap or wander off and see a movie or do something else to relax or recharge I can.
Now someone will inevitably bring up that not everyone can do that. Fine. Whatever. You've made other life choices. I get it.
The biggest problem startups are facing in hiring (IMHO) is that there is a disconnect between equity offered to early employees and the risk. Last cofounder? 33% or 50% typically (before dilution). First employee? 1-2%. Maybe 3%.
We're not in 1999 anymore. You don't need $5-10 million to launch a startup anymore. What used to take $5 million now takes as little as $50,000. The lowering of the barrier to entry means talented engineers are nearly always better off starting their own startup rather than working for yours, unless you have an amazing track record.