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Went thru the same thing a year ago. Took less money than the 25% increase I was offered elsewhere but still netted a 10% pay increase at a place I'm comfortable and I know they respect me.
Its not all about the money. When I first came to my current employer, I left a place I really liked and was well respected because I thought the grass would be greener. When I got here, I hated it and regretted it for the first few years. I had to start completely over to earn respect from a management team that sucked the big one. Management changes occured (because the old one sucked the big one) and I see eye to eye with the new top dog, who seems to like me better than he does most of my peers.
I took less short term, in favor of what I viewed as a better long term situation. In hindsight it was still a good move, based on what I've heard from a couple of colleagues at the other company.
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