I've worked at a few startups now but never do it for the equity. I do take equity, but as far as I'm concerned its more a signal that I'm "invested" and have a stake in the game.

I work at startups because I prefer the type of work generally found there. I like smaller teams, I enjoy having to learn new things, and I (usually) enjoy how quickly projects and direction can change.

For anyone considering a startup I'd say to just consider equity a lottery ticket for a decent bonus. It will probably not amount to anything, and it probably won't be worth what many expect, but it can be a nice bonus if you like the job and team regardless of an exit.