To first order options are worthless. I've worked for venture-funded startups, angel-funded startups and started my own company on debt and nerve, and the only one that worked out was my own thing. The rest... well, I have a lot of pretty wallpaper in the form of option certificates and the like.

Anyone who makes decisions based on the prospective value of options is a sucker. They are a nice bonus when they work out.

You're right that options in a reasonably well-established company can have some value, but such companies can also afford to pay a decent salary, and should.