There's a lot to consider. Pre-orders are open now (Yes, I know BFL's history, no need to discuss further) and early adopters of new ASIC technology have often been greatly rewarded for taking some extra risk. I'm taking that little extra risk and have converted an April pre-order for a Monarch. And now I want to read what other people think, specifically about the Monarch and not about BFL's well-documented history.
Let's assume that BFL does everything perfectly and ships the Monarch in Feb. It's overpriced. KnCMiner, HashFast, CoinTerra, and BitFury will have better products long before then.
I know it's wishful thinking but I have a
very early pre-order. And if indeed there is a "bullet run", I may be in it. And that changes the ROI on the Monarch by a healthy margin.
Btw, I have orders with KnC and Bitfury too. I'm still on the fence with CoinTerra and HashFast.