I would gladly take such a position so long as the system seemed fair (e.g., seeing several long-term non-owner/management employees working there). The terms are spelled out clearly, and I'd rather work somewhere that I add value. If I can't make serious contributions in a couple months, then it's a bad deal for both me and the employer.
However, you might have trouble getting people with families to take the job, especially if they're relocating.
However, you might have trouble getting people with families to take the job, especially if they're relocating.