Ask HN: Salary Over Equity

Of over 100 startups, and everything from 90% ownership to 0.002% ownership, I have never seen a dime made by anyone on their startup equity. It has come to my understanding that the 'lean' startup seems to have killed the equity train.

What is HN's experience with accepting equity over salary? To date has your investment paid off? Or have you ended up writing lots of free code out of obligatory ownership, for very little pay?