I totally agree. I don't like the term "working hard", it doesn't mean anything. I'd rather use "efficiency". If you work 70 hours but you do as much as someone working 20 hours, I don't consider that you are working hard.
About the low wages for startup employees with high equity; I don't find it right as if you want to attract great workers, you need to offer them something now and not only something which might come possible in the future. Even if you have very high hopes to become a successful startup, this is never 100% sure. Startups have to look forward but people tend to look at present.
I'd rather use "effectiveness" than "efficiency". Doing in in 20hrs what takes someone else 70hrs is efficient, but it may not be effective. There's no point getting loads done if the work is low value. It's more important to focus on doing valuable work than getting lots done imo.
