I'm re-reading it. It is still as insightful as I read it several years ago. I just wonder if PG is willing to add/remove/change it, considering his rich experience through YCombinator.
I have to say I'm a bit surprised by the sentiment favoring working at big companies among the majority of comments here.
One possible explanation:
1) Statistically, most engineers work for big companies.
2) By human nature, people tend to stick to their current jobs, most likely a big company job.
I think this missed one point: Secondary market is not as efficient as real public market after IPO:
Both supply and demand would be much higher on real public market,
and demand would be much bigger than supply. Meaning: ipo price would be much higher than current secondary market price.