Career flatline: Why it’s never a good idea to accept a counter offer

Gone are the days when a counter offer of a few thousand dollars would successfully retain a resigning staff member. Today people leave jobs for a range of reasons, which are seldom addressed by a counter offer. From looking for a new challenge to career advancement, a desire to work with newer technology or within an organisation where they can contribute and feel valued, people change jobs for a range of reasons.
Why then would a pay rise, new job title or additional benefits be anything other than a superficial tactic to convince you to stay?