it's funny how tech companies can end up so much alike. i've got kind of a jaded view of small outfits...
with my old job, they told us a lot about getting stock options and "growing with the company" and so on and so forth, but in the end it came down to one thing: no matter what it would never have been my company. i was being payed peanuts, i was doing work way beneath my level, and i was putting up with a weak CTO - and when it came down to it they really just were building something for themselves on the backs of their coders.
your situation is probably very different from that, but i think it's like what posh said: you have to figure out if it's something you want to own. startups lose money. newly restructured businesses lose money. do you want to commit to it?
with my old job, they told us a lot about getting stock options and "growing with the company" and so on and so forth, but in the end it came down to one thing: no matter what it would never have been my company. i was being payed peanuts, i was doing work way beneath my level, and i was putting up with a weak CTO - and when it came down to it they really just were building something for themselves on the backs of their coders.
your situation is probably very different from that, but i think it's like what posh said: you have to figure out if it's something you want to own. startups lose money. newly restructured businesses lose money. do you want to commit to it?