I understand that this is a compelling pitch for employees people who's first rodeo is with you; and consider this sort of discussion much more honest, than what people generally do.

On the other hand, this disregards liquidity: specifically, that vast majority of startups tend to die, vast majority of rest stagnate in funded but non-liquid form, liquidity events are boolean, and are happening generally years beyond fully vesting into stock options.

So, I feel, this too would lead to significant misunderstandings as people vest fully into their options, but can't get a penny for them.