If the CEO has been a success before at a level you want to be: consider equity
This is an important point. I took a job at a startup where the founders have all been part of two 200M exits (1 IPO in the first internet boom and 1 acquisition in 2005). They all made out very well with their options (big house, small yacht, small plane kind of money). They definitely have the connections and the vision to repeat their success. They offered me 3 choices for compensation: high salary, low equity; low salary, high equity; medium salary, medium equity. I ran the numbers and figured based on previous exits that it would be more likely that the higher salary over 5 years would be a better payoff if the company doesn't have at least a 100M exit, and if we do have a much bigger exit, 2% vs 3% will just mean a smaller yacht and no plane.
Be careful with this. If the founders already had a successful exit and are already set financially for life, they'll be more willing to turn down life-changing amounts of money at the shot of an even bigger payout.
This is a totally insightful and important point. If the founders aren't working every bit as hard (or smart), if not harder, than the rest of the team; RUN.
If there's no track record, the equity isn't worth the paper it's printed on.
You'll come out ahead with the high salary until you are really on an all star team with a track record.