For a programmer, a good manager or PM is an umbrella that you don't realize was there until it isn't anymore. Then you're cold, wet and left wondering what the heck happened!

Yes, there is value to a good manager or PM, but I'm not sold on that meaning that a rockstar programmer shouldn't be paid what they're worth, even if that means it's more than the manager. There would be nothing to manage, no product to release if a software company didn't have those incredibly special and talented people releasing fantastic code for them.

I'm currently a development manager at a large retailing company in Canada. Our business is retail, not software development. Unfortunately due to the fact that our programmers, though talented, aren't the "product" that also means that I can't pay them salaries that match productivity or value. I have a set of rules and a hierarchy to abide by with levels, much the same as most other large non-software companies. So, I guess what I'm saying is, it all depends on the business you're in as well.

If you're at a software company, a talented developer IS the product. That company should recognize and pay comparatively.