As the article says, equity rarely pays off, that has been my experience. If you are joining a company in hopes you'll be a millionaire once the company exits then you're setting unrealistic expectations and will be disappointed.
Most late-entry employees get pretty modest equity grants IMHO. Unless you're a serious domain expert or a Carmack-level developer, you're probably looking at a few thousand shares a year, which isn't going to be million territory in a company for decades. Think about how long it would take to turn 1000 shares in Amazon into a million.
