Wait a minute, you generate that much profit and then you don't get paid even half that much? Sounds like why I left Apple.
If you took a vote, I bet the majority of people at Google would be terrified to get paid according to the corporate earnings they account for.
Also note that the quoted earnings have of course deducted anything that got paid directly to the owners; the listed earnings are the money that is getting re-invested straight back into the company, not paid to the founders, so it's not quite valid to compare it directly to what you would earn if you owned the company.
Personally, the only thing I miss is the social environment of the office.
And I've had friends in industry move up the ranks and get high six figure salaries and multi-million dollar bonuses.
And I sometimes look at the hecticness of startup life and think that I'm finally getting too old for it. And while the idea of working for myself is a good one, I've always felt like I was working for someone -- just this person never told me who they were, what they wanted, or when I'd be paid. :-)
Are the reduced risk and added infrastructure really worth Google's 90% cut?
That's the important comparison - it's quite possible for you to keep 100% of the value you create, but only create $60-70K/year of value. Several of my college friends (not in the valley) are in that position.