I tend to agree with you in that I do not weigh a decision based on the amount of equity they are offering. A little side story as to why I do not weigh equity as I used to. Back in the first bubble (1998-2000) I went to work for a startup that had good leadership, big investors, and really came to define the SaaS model (although we called it an Application Service Provider at the time). I took a slight pay cut to come to work there, but I saw upside and they offered me a great equity package. A year and half down the road we were growing and planning to go public. They had not planned well and given out too much equity. Prior to the IPO we had to do an 8 to 1 reverse split, meaning that for every 8 shares you had you now had 1. Although the IPO was fairly successful out of the gate, moral was destroyed by the reverse split.

However, with that in mind, I will still give up salary in return for equity if I am (a) passionate about the business idea, (b) believe that there is a good chance that the business will succeed, (c) believe in the founders and team that is already in place, including any investors. And looking back (I am in my 40s now) the younger you are the more risk you can absorb in terms of equity. I enjoy the startup world and am willing to take risks. Plus, like any other job if it doesn't look like it is panning out or you are unhappy there is nothing holding you there.