Valuing an employee's time is definitely something that should be considered. But even taken a few steps further than "I need another monitor to increase productivity", and you're floating dangerously close to self-entitlement, and simple, pathetic whining. At Yahoo, I distinctly remember a thread on devel-random where one employee, in a single post, complained about things like how ugly the color scheme of the walls…
There seems to be a clear dividing line. On one hand you have things that benefit productivity-- like monitors and good chairs and a decent work environment. On the other hand you have convenience petty complaints like the flies in the parking lot or too many floors in the buildings. Good management should be able to tell the difference between the two and at least score well on the productivity relevant ones. In my…
IMO it's more important for the management to recognize and fulfill employee's real needs. Give people what they need before they ask for it. Because some would ask for wrong things (e.g., not knowing that the company can provide a better solution to their problem), and others will never ask for anything, continuing to suffer in silence.