If your #1 job criteria is compensation, do not work at a startup. You'll be paid more at big companies.
If you don't mind being paid a little less, and want the opportunity to be a part of building a company from the ground up, consider working at a startup. There will be a lot more ups and downs than at a company like Google. But at smaller companies, you'll have the chance to have a material impact on the success of the organization instead of being just a cog in the wheel.
By no means am I saying you should accept a below market offer from a sketchy startup that offers no benefits and expects 12 hour work days (those unfortunately exist).
Disclaimer: I run a 6-person seed-stage company. To help keep our employees happy (and to be competitive with bigger companies when recruiting), we try to get as close as possible to big-company salaries, we don't expect anything beyond 40 hrs / week, 100% paid health benefits, 401k, 25 paid days off per year, snacks, food, full financial transparency, etc. (Not trying to self-promote here, mainly trying to communicate that not all small companies are bad just because they're small).
Also consider that the day-to-day work at startup is dramatically different than the day-to-day work at a big company. For people who don't mind being paid low $100k's instead of mid $100k's, the day-to-day work should be the main deciding factor when considering startup vs. large co. In my opinion, startups are more fun, you get to wear more hats since your role is likely less specialized, (ideally) there's less politics, you can have a real impact on the success of the business while (hopefully) watching it grow, and learn a lot really fast along the way.
That said, the big company route definitely offers higher compensation and more stability, and makes a lot of sense for people who are a little more risk-averse.
Also +1 on viewing equity as a lottery ticket. When evaluating offers from a startup, try to maximize your equity in negotiations (ie. more lottery tickets), but the fact is the majority of startups will eventually shut down, so don't use equity as a major factor when comparing offers between large and small companies.