Monticello's location, on two man made lakes is lovely, scenery-wise. Home prices are inexpensive if you are purchasing (see comment about rental prices below). Nice medical facility. Good locally owned restaurants. A couple of nice golf courses. Downtown shopping is nice, but very limited. Of course there is the omnipresent Wal-Mart, located on the west side of the town (that tidbit probably belongs in the bad paragraph). Decent school system but like others in the state, suffering from budget cuts. Teaching tends to be geared towards good scores on standardized testing as a result (higher scores, more money from the state).
Jobs very hard to find that pay more than minimum wage. There are a few factories, but they tend to hire people who live out of town. Haven't figured that one out yet as most, if not all, receive subsidies from the city/county. No public transportation other than vehicles operated by the council on aging and you have to be a certain age or have a disability to qualify. No bus system and no taxi service until recently. Rents are high compared to other areas. Utilities provided by NIPSCO who have some of the highest rates in the nation. Water rates are also high. Very little for young people to do.
High property crime rates that climb higher every year. Small town mentality rampant, ie: if you aren't from the area, you are likely to be viewed with suspicion by the locals for a long time. Nightlife is practically non-existent apart from a couple bars. Indiana Beach, which used to be a tourist destination, is in sharp decline.
Bottom line: If you're thinking about moving here, make sure first that you have a concrete job offer that pays enough for you to afford to live here, second you must realize if you have a job in Lafayette, Logansport or any other area, you'll have to drive to get there. Unless you carpool, there's no way to save money on commuting costs. If you intend to rent, be aware that some places rent from September to May, then want you out for the summer tourist season.