LAST EDITED ON Aug-01-04 AT 00:40AM (MST)[p]LAST EDITED ON Aug-01-04 AT 00:28 AM (MST)
The Nikon Monarch's and the Pentax WP's are basically a step below the likes of the Pentax SP's. I consider the SP's to provide somewhere in the neighborhood of 93%-97% of the performance of the top brands. (Leica, Zeiss, Swarovski, Nikon Venturer/LX's) The SP's features aspherical lenses, using "ED" glass, and are lighter in weight than the WP's, with far better objective lens covers.
The Monarch's and WP's are both good glass for the money, and both are right in the same spot as far as performance level goes, so I'd suggest if that's the route you decide to go, that you test drive both at a local store and see which one looks and feels the best to you.
The mid-price optics market has made some major strides over the past couple of years. I still think Leica, Zeiss, Swarovski and the Nikon Venturer/LX's are the best glass available, but by buying them over the likes of the Pentax SP's, a person is paying anywhere from $500.00 to $1000.00 more in order to gain that last little bit of optical quality (maybe 3%-7%), which to some is a small price to pay, but for the average guy, it soon becomes a point of diminishing returns.
One other thing, if you're at all interested in the top four (Leica, Zeiss, Swarovski, Nikon Venturer/LX), don't overlook the used market. If your patient and have money on hand at the time deals come up, there's some great buys out there. In my opinion, this is the absolute best way for a person to get into the top level of binoculars. I recently purchased an 8x42 Leica BA off this board for $550.00, bought a buddy of mine a Nikon Venturer/LX 10x42 for $450.00, and I have a pair of 8x43 Pentax DCF SP's coming next week that I'm afraid to post what I paid in fear of jinxing the deal.
Sorry for rambling. Good luck in your decision.