(Note: I maintain a complete "firewall" between company and personal money, and the only way money goes through is with salary, loans, investments, or dividends.)
When I took the plunge a few years ago and set-up shop, I started myself off with a minimal salary. It was a 70% paycut from my previous job, less than what I made in my first job, and was just enough to pay the mortgage, bills, and put a little into personal savings. I believe it was the right decision at the time and my quality of life really didn't suffer since I've always been a frugal guy.
To this day, I haven't given myself a raise. The companies are doing well enough, but I don't (personally) need more money, since my living expenses will stay about the same for the foreseeable future. Plus, I feel like the money would be better off with the company (either to mitigate risk or invest in more employees) than in my hands (to buy little things I don't really need like Cable TV, or 5 more degrees on the thermostat in the winter).
Obviously, there are some things I'd love to have (for example, that 105"-screen home theater, which I also don't need), but they're all in the $10K+ range, which is a fairly significant chunk of change, both personally and for a business. It just doesn't "feel" right to write myself a 5-figure check when that money could go towards all sorts of business investments (marketing campaign, new website, etc.)
So my questionset is... how do you (or plan to) reward yourself? A carrot for meeting a particular goal? Big chunk of change or a raise? Do you wait until a certain revenue figure ($1M+)? Do you take a percentage of the year's profit and keep the rest as retained earnings (for the next year's expansion)? How do you reconile the fact that the big bucks you spend on an "extravagent" reward could very well be needed later to save the company in dire straits? Etc? And so on?