In considering which structure to use for a seed round, what are the most important pros and cons of Equity and Convertible debt, as they relate to each other? Delaying valuation is an obvious one, but what other points should be considered in doing a compare and contrast?
I would consider convertible equity (not debt) for smaller / Seed rounds. They're generally simple and efficient.
If you decide on convertible, I would use something like 500 Startups' KISS docs: http://500.co/kiss/
See more info here: http://venturehacks.com/articles/debt-or-equity