Great way of doing equity before the company is worth anything. Getting this wrong can lead to resentment between founders, undervaluing the business, or insane spreadsheets that end up meaning nothing. Do yourself a favour and read it.
Just came from Mike's Sydney seminar (to which I also took two of my fellow team grunts). The dynamic equity system for perfect equity splits might be Noam Wasserman's thought bubble, but Mike Moyer has taken that and turned it into a practical, easily applicable system that makes the previously difficult task of apportioning equity as simple as determining fair market value for contributions and then keeping tabs on time. Brilliant.
I recommend this book be at the top of every budding entrepreneur and startup founder's reading list. I has helped me in my approach to equity with my co-founder, making the process much clearer and giving us an approach to navigating the issue of equity split. It has also clarified the concept of the pie growing with investment, not splitting.
Great read, buy it, read it. You will be glad you did.