I've been looking for a post like this for a while, thanks. It's definitely something I'd want to do upon graduation.
The only thing is, I'd say you have to be pretty lucky to join a startup that instantly becomes the latest sh^t hot thing going around. A large majority will join startups that don't go far, but then again, the experience of failing or 'wearing many hats' and actually being in that situation is probably where the value comes from anyway.