There have been several articles on founder equity recently. While each argument makes valid points on why founders should or shouldn't split equity equally, I'm surprised to see people taking a stance for one side or the other.
Startups are miracles. Like conception, startups need luck, timing, and succeed only after overcoming the mighty odds and obstacles that oppose them. Paul Graham believes that founders are the most important thing in a startup, and to me, it follows that the founders' relationship is the next most important determinant of success.
Founders equity plays a big role in that relationship. For me, starting a company is about deeply believing in one another and humbly embarking on a journey together. Good teamwork involves checking your ego at the door, and I believe this principle applies when teams sit down to split shares.
Ultimately, you should do what's fair and best for your company. A startup is comprised of the individuals who form it, and thus equity should be determined based on their unique relationships, commitments, and circumstances applicable to that particular venture.
There is no "right way".