Did you meet anyone who had taken that option? I thought it was commonly viewed a bad idea to take a counter offer, since most companies will lay you off or never promote you again due to perceived disloyalty?
I too would be interested in knowing if that has actually worked out for anyone long term.
* I didn't actively seek out employment elsewhere. A place I'd interviewed at and turned down in the past contacted me again after they'd finished a large fundraising round. They had a new office, and I was curious just to see how they'd progressed. The whole thing happened fast and they ended up offering me a 50% raise.
* I preferred my current workplace in basically every way except for money.
* I had a great relationship with my boss, who also held a lot of power in the company.
* I wasn't really "just another" developer at the company but was doing some pretty important work.
They matched the offer (exceeded it, really), I took the counteroffer and stayed, and two years later I've been promoted two levels and given multiple further raises and bonuses.