I do agree that the cliff and vesting schedules help here. But those force you to fire someone even if they are good but not perfect. I have been in situations where an early employee definitely believes that he/she can perform better per plan.
Yes, there is also temptation to ignore rewarding someone when the company has progressed. But, it is also a huge red flag when you have a company where major early employees have left. IMO, one of the biggest responsibilities of any startup CEO is in attracting and retaining good talent.
I am not suggesting giving lesser equity upfront, but more towards making a serious decision based on where the person is. If he is a great coder give him the equity that a great coder deserves. But a great coder is different from a great early team member - and it is hard to impossible to make the distinction early on.
As for the red flags that an employees might have when joining a company with such promises - I am hoping that the rest of the team will be able to vouch for it working with regards to them being in the company.