I would definitely say yes, it's a very good option. I've had the three of them and used them in many situations. This is my take about the Monarch 7 (M7)
Pros:
- Cheaper (I've bought them for around 200 € second hand in very good condidion; at that price they're just unbeatable)
- Smaller/Lighter
- It's fully waterproof (EII is not)
- Has a comparable field of view (yes, not as wide as EII, but really wide)
- Has twist-up eyecups, and this can make it more user-friendly for some
- Comes in a very useful case with belt loop (my favourite case that I use with a number of binoculars, from 30 to 42 mm objectives)
- Great sharpness and very little chromatic aberration
- Great feel factor (it just feels great in the hands).
Cons:
- Poor performance against the light (the much dreaded veil/glare issue). The EII is better, but the Habicht also suffers from some glare issues, they're not as acute as the M7, but I'd say they're more constant.
- The rubber armour is very soft and supple (some love it, others hate it), but it's not really tough and there are some users who found it doesn't withstand rigours of tough use as well as other binoculars (but then, it has a very good price).
- Eye position can be a bit tricky for some users
I found the sharper of those three was the Habicht, the image just had to be seen to be believed, but I found the view was really compromised by a finicky eye position, constant glare, poor edge performance, narrow eyecups and a very, very, very, very hard focus (which for me rendered it useless for birdwatching, except for very distant birds at sea where you don't refocus a lot). Oddly as it seems, the Habicht has "the best" image but I'd say that for birdwatching purposes (for me, this is a personal opinion) is the "worst" (as in "least usable for birdwatching). However, if your interest is not primarily birdwatching but a casual backyard feeder, some landscape, seaviews, then it can be an unforgettable companion. If I had endless money, I'd definitely buy a 8x30 Habicht, is one of the binoculars that have impressed me the most, but I find they're very compromised for birdwatching.
The EII is really great, holding it in the hands feels so good, the shape fills your hands, the image quality is very good, although not quite as sharp as the Habicht. But they have some important drawbacks:
- Not waterproof (I've had mine fog up several times)
- When you wear them hanging form the strap they tend to tilt forward and this makes it uncomfortable to walk with them
- Rubber eyecups may not be for everyone (for example, I'm unable to see the entire FOV, so for me that's not a huge selling point against the Monarch 7).
- They have a really very easy and comfortable view, natural and intuitive.
- Focus is faster than the Habicth, and I would say acceptable, but slow compared to other contemporary roofs.
So, I'd say that optically the Monarch 7 are really very good performers and only their tendency to show veiling in difficult conditions can be annoying. I have had 2 units, and one had a better performance in this respect, so there is some sample variations. After selling the two M7 I got myself an Opticron Traveller ED 8x32, very much the same design but, for some reason, in some areas I like it a little better (or suits me a little better) than the Nikon, although they give you pretty much the same level of performance and usability (this is: A LOT).
All in all, it's a hard decision, but probably the M7 are the most versatile of the three for birdwatching, and the cheapest. But then, both the EII and the Habicht are Porro prism binoculars and can give a unique 3-D image that the M7 simply can't, and this is aesthetically very pleasing and makes for a great experience.