Ask HN: Would you do consulting in exchange for equity?

I've been approached by a small startup in need of technical consulting, and have been offered equity as compensation. I'm wondering if any of you have been involved in a situation similar to this. I'm a bit apprehensive about saying yes, because equity does not necessarily hold value, and it can be diluted by simply issuing more shares. Is there anything I should ask, or clear up before saying yes to an arrangement like this? I'm 80% sure that I’m not going to agree to an equity only deal, but i wanted to hear what you guys thought. Thanks.