At the risk of stating the obvious, equity gets diluted. A great amount at the start may be trivial after several funding rounds. You might run the numbers for high, low, and middle scenarios.
Thanks for the link, I hadn't seen that post yet. Dilution is my main concern, so I'm curious how it ended up effecting others that made it through. The non-monetary gains would be excellent without question!
From observation, FU money is unlikely. There is probably an inverse correlation between the likelihood of FU money and the likelihood of multiple funding rounds.