one of my dreams is running my own business so i don't have to play kiss-ass to middle/upper management anymore. I'd never be able to pay myself what i earn at a big company, but it's still a nice dream.
comp decisions were likely made 6-8 wks before the actual discussion. you should be getting regular feedback, and have an idea of the min-max amounts by dollar or percentage. the discussion should not be a real surprise, and if it is, you need more regular feedback.
I'm senior management and have done hundreds of performance appraisals. We decouple them from raises and promotions - we do PAs in the summer and raises and promotions in the fall. The reason is nobody hears anything in these meetings except what their raise will be if you do them together.
If you aren't improving at your job, you shouldn't expect anything but a COLA. I like when employees come to me showing their accomplishments, but also indicating what they need to do to get to the next position. That is what I like to discuss - do you want to get to the next position up? If yes, let's talk about what you need to do to get there.