If you leave company A, put in your letter of resignation in order to work for company B, is that generally frowned upon? Assuming you leave on good terms, will the original company be able to hire you again?
At my previous company, they were upset that I was leaving an IFT-only company for another IFT-only company. Seems it's OK only if you go from IFT-only to 911, or if you go another company that pays significantly better. A lot of those guys stayed in contact with me, and in the end, it turns out leaving my previous company hurt my chances or delayed me reaching my goal. I took a risk, and I am disappointed by the outcome, but still glad I tried. I would do it again.
Moving around generally isn't that big of a deal, but sometimes the company you left will take it personally and not ever give you the chance to come back.
Bottom line - if you leave for a competitor, plan on your door being closed forever at the original place. You may get lucky and be allowed back, but there's no guarantee.. Find your end goal now, if your thought is eventually to come back into a different position, don't leave.