The only difference is that you are not paid like a contractor at double/triple than a regular full-time employee.
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Contractors are not paid 2x+ these days. Due to a supply glut, they're generally paid entry level wages.
But majority of who are on transition, will start looking for a job and then end up leaving before completion of specified period, without severance and bonus :-( because they may not get the right job when they want it. You may say that is their decision; but that is what practically will happen.
Its really not like a contractor job at all. You are paid the same, including equity vesting and full benefits, and when the company is done with you, you will receive a bonus. That's nothing like being a contractor