It's not surprising to me at all. People seem to expect a large stake in a company where they are just an employee..and then get frustrated and upset when the owners take a buyout and they get canned.

They "seem to expect it" because they are very often told to expect it.

Would you go work for IBM as just an employee for half your salary and double your hours? No, then you shouldn't do that for any company.

Some people are choosing to do so because for them the experience is worth it.

It's like "working" by going to an apprenticeship. Your salary is lower, but you learn a lot.

If you're going to start your own business in the near future, then it might be worth it to work for a startup even if its a huge pay cut all things considered.

Yes, but that actually has to happen.

If you are working 80 hrs/week churning out code to realize someone else's "vision" who treats you like a slave not a partner, then what are you learning? Apart from not to get suckered again.

Yes, but that's subjective.

You have no idea if you're going to feel like a slave or a partner until you've already taken the job.

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I'd say try it. Don't assume that you will be dissatisfied based on treatment you can't predict.