This is my second trip that I used the Monorail for a majority of my strip travels. It's true that you're most likely going to have a bit of a walk to and from the stations to the strip. But it's air conditioned, and not extremely crowded, the wait can range from 5-7 mins, which isn't bad as long as you're not in a huge hurry.
Yes, it can be slightly pricey if you have too many persons traveling along, but for me and my friend, we both got a 3 day pass ($28 ea.) and I believe we definitely got what we paid for and weren't disappointed. You don't have to tip anyone or wait in a ridiculous taxi line, an experience I've had to endure much more than I ever want to in Vegas.