Why don't you wave last year's review at your manager and say "Hello? I did what you asked (and more) and I didn't get a raise. What's up?" If you don't like the answer, then it is probably time to move on. I'm guessing "it's the economy" will be the most likely response to your inquiry, but it's worth a try before seeing if the grass is greener somewhere else.
This was first published in February 2002