Pauhana .... Do you have to return the Monarch 3 because of some mechanical failure or something inherent in the design that you do not like? What are some of the things about the Monarch 3 that you like and do not like? Some additional information may help narrow down the choices to what best fits your needs.
A few that come to mind are:
Nikon Monarch 7 10X42 - $500. ED glass and dieelectic prisms. My biggest complaint is a small center view, but more recent posts indicate newer production may have addressed the issue.
Zen-Ray ED3 10X43 - about $440: Outstanding view with ED glass and dielectric prisms. There have been reports of quality variation between units but Zen-Ray does a good job in getting things resolved. They seem to use a shorter eyecup in relation to the eye relief than some others, that may require higher placement toward your eyebrows, depending on your facial structure.
Vortex Viper HD 10X42 - $599: Great overall binocular from an excellent company. It has a somewhat smaller field of view and the center view may be slightly smaller than some of the competition. I'm thinking the Viper line is made in Japan, hopefully someone can confirm that.
Bresser 10X42 about $240 - I have not seen one yet, but it does get good reviews. Check out this thread ....
http://www.birdforum.net/showthread.php?t=252458
Out of the above, my first choice is the Zen-Ray ED3, assuming you get a good one and they are a good fit for you. I am sure there will be many more good suggestions.
On edit: I just remembered that Zeiss is coming out with a new unit right about now called the Terra, which is in the $400 price range and it appears to have excellent potential. Assuming it makes it out about now, I would definitely check it out. Here is a thread that has some info on it .....
http://www.birdforum.net/showthread.php?t=251851
http://www.opticsplanet.com/zeiss-terra-ed-10x42-binocular.html (Not currently in stock)
Most of the binoculars in this price range will be from China and most have excellent optics for the price. They are a lot closer to the alpha view than the price indicates. The biggest issue is the inconsistency in quality between units. Make sure you buy from a seller that has a good return policy.