[gorbachev]

If my employer paid me to work on my pet projects, and the pet projects involve things that keep me interested and grow my skills in ways that are beneficial to me and my career prospects, I'd stay put.

It'd be a different matter, if you truly weren't doing anything worthwhile or working on something that is not progressing your skills in a good way.

If you can get paid more to do what you do now on your pet projects, I'd obviously jump if I were you. I'd also spend this downtime looking around and potentially getting some practice on interviewing. Put your resume out there, and see if anyone bites. Even if you don't get offers for better jobs, you're getting a good idea of what employers are looking for, and keep your interviewing skills up-to-date.