Yep. I'm essentially arguing that simplifying here is dangerous, no construct is easy to deal with, and I'd rather more care were taken (broadly across the entire industry, not singling out YC here) in representing that.

Also: these terms are completely reasonable and under normal circumstances if I were doing a startup – and this valuation made sense – they'd be terms I'd be happy to take. For the avoidance of doubt, all of this is about the marketing, not the substance; the substance is above reproach.

As you say, speed, costs, rights (board seats, information, pro-rata, drag-along/tag-along, you name it), pref structure, etc are all real things. I just prefer addressing those all up front.