That sounds pretty good to me. However, all the hacking I hear about in relation to startups is either a) UI design (e.g. Wufoo) or b) server scaling. Server scaling is about as boring and unhappy to me as you could get without mandating that it be in Java; UI design is better, but still not appealing.
There are obviously exceptions; search engines come to mind. But overall, the average successful startup seems heavy on nasty little problems and light on big, hard problems. Is this perception correct? Anecdotes for or against?