Ask HN: Do Y Combinator Companies Pay Less?

"For most startups the model should be grad student, not law firm. Aim for cool and cheap, not expensive and impressive." -- Paul Graham

Does this advice apply to programmer salaries for early hires? What salary range should an early hire at a YC startup expect? More to the point, how do YC salaries compare to salaries for non-YC startups, and how to those compare to compensation at larger firms, especially for recent graduates?

For example, has anyone gotten an offer from a YC startup and a larger firm around the same time? How did they compare?

(Obviously compensation isn't the only, or the most important concern, but I'd still like to have some understanding of what ranges to expect)