Obviously, that's true of some startups, but very wrong in others.
Working at Weebly, you have similar hours to BigCo (although you'll be 10x more productive), paid market rate (or slightly above), and receive your fair share of the outcome.
You also get to work with a fun group of people who are obsessed with being productive, and not much else. Maybe we're the exception, but we don't care if you're a 9-5 type of person, if you're very productive during those hours.
Working at a startup doesn't have to be shit, just because some startups are.
Agreed - if someone enjoys their startup life, more power to them in that there is nothing that pays better than enjoying your situation. For someone who is looking at it as a financial play but sitting in a startup that is grinding them down to nothing, they are most likely making an extremely bad investment.
That's fine, I'm just surprised you'd make such a sweeping generalization. Not all BigCos are the same--why would all startups be the same?
I'm not a startup cheerleader -- "come change the world!" is the most overused pitch line ever -- but there are tons of examples (37signals, some YC teams, some of the larger NY startups) countering this generalization.