Smitholdtimer:
I have been where you are and, luckily, you are not likely to go wrong. If you are looking at the Monarch 7's, then you are in a neighborhood where, in my opinion, you are splitting hairs among wonderful options.
When I conducted my search, I passed on the Monarch 7s for the Monarch 5s because I did not see the sight difference that would justify the upcharge of the 7s (they were newly released).
I bought a pair of 10x42 5s and have been more than satisfied. While holding the 10x steady offshore is a challenge, they've been great for all hunting and other land-based applications.
If you are looking for the best value, I would suggest that you narrow your search down to a few models that are strong contenders, then search Craigslist and/or bird-watching forums to find a pair that will work for you. Good luck and enjoy.