I don't care about the salary - I care about the stock, which, if you read carefully, is the focus of my question :)
I would be happy on 50k if I had say 10-20% of the company. I would not be happy with 50k, however if it was 5% or less.
(Of course this all also largely depends on the idea, which I don't know about yet)
What I really meant to ask in my previous post is whether they are looking for a co-founder or just a paid developer.
In retrospect, phrasing it in terms of salary and stock was the wrong way to frame that question.
Grab this kind of opportunity with both hands - pete and his team are a smart bunch with an awesome idea. Salary considerations ahouldn't be in your head when you are assessing the opportunity. Isn't $50k nough to live off?