>>Hire fast / fire fast is fine, but seeing a founder do this is a big red flag for me. It screams indecisiveness, lack of confidence, and mediocrity. Does he try to pull this stunt with everyone he hires? What am I supposed to think of the rest of the team? Can I get behind someone whose hiring process is so driven by fear that he's willing to miss out on the best candidates?

At the startup stage, someone who is mediocre or outright bad can cause so much damage that they can sink you. That is why hiring is the one area where you should be very risk-averse.