"Lifechanging" only if you win the startup lottery. 95% of YC startups fail.
[1] http://techcrunch.com/2013/05/26/paul-graham-37-y-combinator...
Now if you get hired by one of these and they make it for a few more years, and you stick around, your salary will likely go up significantly and additional options be granted (though you'll probably need to make an effort to ask), but I wouldn't count on getting life changing equity out of any startup if you're joining after they've raised 7 figures or more.
Can we leave any percentages and probability out of this conversation? Think of the children!