Well said. Most of the points can be derived from the first one ("You are working for free"), much in the way that most of Mechanical Engineering can be derived from F=MA. Once you take that idea on board, the motivations behind companies, managers, clients, etc. creating a culture of "Heros That Work Long Hours" become rather transparent.
Adding "long hours don't actually mean you get more stuff done" into the mix is just a little ironic icing to the whole situation.
The thing is most early startup employees dip heavily into the equity/options side of the compensation. So they aren't working for free, they are working to make their equity share worth more by helping the company succeed.
Adding "long hours don't actually mean you get more stuff done" into the mix is just a little ironic icing to the whole situation.