I think this was the most important point regarding equity: "The only thing that matters in terms of your equity when you join a startup is what percent of the company they are giving you. If management tells you the number of shares and not the total shares outstanding so you can’t compute the percent you own – don’t join the company! They are dishonest and are tricking you and will trick you again many times."

I have twice worked for companies that presented my options this way. Although one of them worked out very well for me, and the other is likely to as well, it's still sketchy. I wish this post had been around back then :) That being said, I will be referring back to it in the future!