Monroe Falls itself would probably not be worth the trip in, but since it can be seen along with 3 other falls, it's a worth while venture.  The falls themselves are not terribly impressive but are very pretty as the water runs gently down a rock face and drops right into Day Creek.  The best view would probably be had from the other side of Day Creek, not an easy task.  Next time in I will find out once and for all whether it's possible to get to the bottom of the falls or not.  This falls has a very low water volume and probably runs dry in the summer.  Consider it a bonus on your trip to Madison Falls.