You're obviously right. I've just had the experience of wishing I had that kind of equity to throw around. I'm "arguing" a point you didn't really make --- is YC worth 6%? I don't know. But I do know that it's more significant than it might sound.
Well, like PG says, it only has to increase your expectation by 6.4%. For some people, it probably would not. Early paypal employees, people with other successes, etc, have unlimited access to funding/capital.
I would say that for most first timer's though, it's a clear win. If nothing else, PG's guidance probably saves you from well more than 6% wasted equity later on.
