Sounds like OP has some personality issues that need to be worked out. And, I got a distinct "mad with power" vibe, as well. Early stage company founders do not need a boss. If they do, they're already doomed to failure. It sounds like this fellow just likes the idea of being chief of something, and isn't all that good at it. Many nerds have started companies without management chops or a good personality, but they made up for it by producing code that solved a problem. I'm getting the distinct impression the OP (who may or may not be strong on the code front) is definitely weak on the management and personality front, but wanted to spend all of this time managing and "networking".
I don't claim to be an expert on this stuff, but I am a nerd, and I do produce (when it's my place to do so, though in my current startup, I produce far less code than my co-founder), and I think I would have ditched this startup, too. Nerds, in general, aren't good at being bossed around, and the kind that start companies definitely aren't good at being bossed around.
But, I agree with you. The guy probably does actually have a good company in him (because dedication and a healthy appetite for risk are the primary requirements...everything else pales in comparison). He just needs to keep assessing how he can do things better next time, particularly when it comes to interacting with co-founders.