Great points! I would also add funding to the list; both parties need to realize that they will have to either work for free for a long period of time or they will need to get out there and find angels or venture capitalists to fund their startup. Lots of dedication is required from all parties involved as funding is very hard to come across.
well i guess thats a given - being a cofounder typically means you dont get paid in the initial stages - hopefully that wont last for too long ;)