I think it's intriguing, and love that they're trying this out. It does seem to imply the following to make this work, as the blog post didn't delve into the dynamics:
a) Salary might have to be at least market average, if not above-market-average, or offer a very compelling reason to the contrary;
b) To provide a means to differentiate experience or equity ownership, perhaps a bonus or profit sharing could be implemented, which may or may not be transparent to the entire company;
c) Implies junior staff can't be hired without at least some people feeling said junior staff are getting a bit of a free ride.
If your team is small, and you can afford to hire great mid/senior talent, I could see this working and increasing team cohesiveness. I'm not sure how to handle point (c) above in this structure as the company grows.
a) Salary might have to be at least market average, if not above-market-average, or offer a very compelling reason to the contrary;
b) To provide a means to differentiate experience or equity ownership, perhaps a bonus or profit sharing could be implemented, which may or may not be transparent to the entire company;
c) Implies junior staff can't be hired without at least some people feeling said junior staff are getting a bit of a free ride.
If your team is small, and you can afford to hire great mid/senior talent, I could see this working and increasing team cohesiveness. I'm not sure how to handle point (c) above in this structure as the company grows.