It really depends. If your company/boss is just lazy to give you a raise (upto his limits imposed by HR mafia), you like your job and boss/team a lot but decide to move primarily because of money, a counter offer may not be a bad idea especially if the boss values you.

However, if you are just not happy with the job/boss/company/team whatever and decide to move, then counter offer may not be a good idea. Also, in certain cases, if the company/boss needs you only for a short critical time period (e.g. accountant during fiscal year end is critical), then counter offer might be tricky since they could always get rid of you later if you are not valuable overall.

So yes, it all depends.