Regular rank and file employees should also ask for this provision when negotiating their employment offer. Try to negotiate a deal such that the employer gives you a one-time sign-on bonus which, after taxes, will pay for the early exercise of the offered equity, and get the employer to give you the paperwork for filing 83(b) election.

I had posted about this earlier here: https://news.ycombinator.com/item?id=13426949, which lead to a lively discussion. At least one founder - Steve Newman of Scalyr - came out and said that this is how his startup handles equity compensation (minus the tax cover). More people should ask and get this style of offer.