It's a recipe for animosity. They will expect more out of you and when it becomes convenient, you will be the first to get let go. The fact of the matter is that if they didn't think you were worth the pay increase before, then you can be sure that any counter-offer will be put out there reluctantly.
The only exception for me would be a rather large company where the counter-offer is packaged with a promotion with another division or under a different manager.
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