Of course, if the difference is 2.5x then it's a no brainer.. I wouldn't take more than a 20-30% cut to work at a startup.
One thing I absolutely agree with you on is the option exercise window. I think it's pretty common in the startup world, but I can't really understand WHY. I mean your options at a startup are already worth less than stocks at a public company, and they still do this shit ? With all the extra risk you'd imagine they'd have to get rid of the liquidity window just so they can compete a bit better with the big guys.
1. Shitty bosses (this and the following can be found in any kind of company)
2. Being promised one thing and then being screwed over later. How many companies have screwed over their employees of stock options or those holding existing stock?
3. Terrible tech stack / less personal satisfaction -- especially if the startup hires lousy people and value code production over smarts.
4. Management defined engineering -- when managers make important technical decisions instead of engineers. ("We've signed up for service X, please integrate with them regardless of your thoughts on the matter").