Agreed. Never, ever even go down the road of counter offer (unless you're someone at the level of reporting to Bill Gates or thereabouts). To amplify on 2., if the company was worth working for things wouldn't have gotten to this point and expecting them to change is unrealistic at best, delusional at worst.

While I'm at it, the people who pointed out that you've put systems into production (1/2 of which it sounds like you can show to others, is the glass half-full?) are absolutely right in saying this puts you head and shoulders above a lot of you would be competitors.

Good luck!