As an "Innovator" applicant that was not my interpretation: if you don't have a full team they're willing to assist you in rounding it out; discussion of fair equity would be between the original founder and the new members.

Looking at the FAQ, it seem to imply that "Hackers" position are non-equity members.

"You will be working your butt off for very little money, and there is no guarantee that even if you are a great programmer that the company you are working with will succeed, or that if it does that there will be a long-term opportunity for you."

However, I do think that its definitely a great opportunity for a student who is looking for a more than usual summer internship.

I was a founder in last year's program. Even though the web site does not mention it, the DreamIt founders encourage founders to give the hackers some equity as part of the compensation.