[humbleferret]

I think it's circumstantial and dependent on individual situations. I personally think you should optimise for equity as much as you can. If you wanted to optimise just for cash, you could have found a better paying job most of the time.

From the small sample size of my friends in SF/NYC and are well funded by a top-tier VC, most take lower salaries for more equity. The majority have the same salary as their seed round with small bumps along the way, but nothing crazy. A couple have reduced their salaries to extend runway without diluting themselves further.

The only exception seems to be those with families and dependents.