Who would not want to hire people who don't care about money, titles, stock options and works 24/7? There are very few people like that.
Even people who are joining Facebook at a step down are not doing this because they are above materialistic desires. Having Facebook on your resume today is like having Google on your resume 5 years back.
We should stop kidding ourselves about trying to find the truly selfless smart person.
On a tangential topic, somebody once pointed out to me that reading the exec bio pages at tech companies makes for interesting reading. If you skip past the famous founders, you'd find a very large number of people from a background which goes something like this - Go to B-school (preferably Harvard) - Join one of the consulting firms. McKinsey is great on your resume - Leave McKinsey and join into a management role at a some large company - Switch jobs every 2 years - each title being larger than the previous one, wind up as SVP at famous startup/large tech company.
If you're someone who wants such a career trajectory, a title 'deflation' is going to hurt you.
Having said all that, if I do a startup, I wouldn't want to hire someone who cares so much about their title. It just doesn't...feel right.