On the other hand, I've found it much more likely that your bosses will shine you on and say that if you accomplish something (usually a big project, hard problem, etc.) you'll get a promotion/raise, and then them not following through. That is usually the kiss of death for morale, and it's a lot easier it seems to make people mad than reward them, and then they are gone.

I agree, the praise part is somewhat wishy-washy, but having a good boss that has your back is worth a lot. There are a lot of non-monetary (intangible) ways that they can make your job easier and better that are actually useful. Most times I'm with you though, and would just rather take the money.