[clogston]

It may not really matter at first, but based on my experience it quickly becomes an issue once you grow to a size where you're either fundraising or hiring. In our case, as soon as we started relationship-building with angels and VCs it made sense for us to choose who the CEO is rather than spend 5 minutes trying to explain why we (as 3 co-founders with equal equity) didn't need titles. Now that we're ramping even more towards fundraising I'm realizing just how much of a full-time job that is for the person with the CEO title. Someone in the company will have to take point on that front and it really makes sense for them to be CEO.