I agree, dont burn your bridges... that can seriously come back to bite you in the ass.
The question you have to ask yourself is, "do you really want to stay with the company you are with?" If the answer is yes then buy the book BZ mentioned, and be prepared to play hard ball.
If you are not willing to play hard ball with these people then maybe it is time to move on. Worst case scenario... you do get offered a new job, and the old job counters... if they dont, you still have the new job with the better pay, and a fresh start.
You have the experience, and there are employers out there who would be happy to have you... if these guys dont want to take care of you, there is an employer out there who will.
Good luck with your decision.
"You go for it. All the stops are out. Caution is to the wind, and you're battling with everything you have. That's the real fun of the game. "
-Dan Dierdorf American Football Player
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