I may be an exception to the rule, but I went back three times to the same company in the last ten years for large pay increases and promotions each time (30% increase over previous salary the first go-'round, 50% increase over second turn's salary the second go-'round). I ended up leaving again both times after 1.5-2 years, largely for the same reasons I left the first time, i.e., fatigue and widespread low company morale. Totally worth it though as ultimately it helped increase my negotiating power for other opportunities I pursued in between those stints.
It's been about a year and a half since I last left them - I suspect one of their veeps will be reaching out sometime in the next few months just to "see how (I'm) doing"...I don't think I'd go back this time if they do reach out unless they throw obscenely obscene amounts of money my way.