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Passion is an excellent point to add that I didn't really touch on. Maybe if/when I revise this I'll add that dimension to it. It really goes back to the argument that people are the absolute #1 priority when getting a startup off the ground. If all the people don't truly believe in the end goal, you'll probably never get there :-).
I also agree with your second point. I know a lot of great developers that don't necessarily make good business people. I feel that's where networking comes into play with the people argument. If your idea is solid and you can get a group of people together that all believe in it at the beginning it's one thing. This letter is more geared toward someone starting a company that doesn't have the right people at the beginning.
Equity itself is neither good nor bad. It always depends on the situation and circumstances. I have structured such deals in the past when I saw the company going places and when I had started my contract with pay. They believed in proving their viability to me and my company and that's what made the deal.
If you forward someone here I'd love to hear about it ;-).