Anderton
It does a lot more than the Monitorizer, so the question becomes whether you need the extra capabilities, or whether a basic, no-frills option will take care of you. I think you can demo Waves plug-ins for a limited period of time...that's the best way to know if it provides functionality you want/need.
Waves demos are fully functional for 7 days and then seem to helpfully disappear themselves when that's over, so you're not left with a non-functioning plugin to clear from your directories (of which I have far too many). You pretty much have to install and use their Waves Central software to set them up, but it's relatively painless.
My priority is what will help create songs faster and more transparently. SONAR has pretty much everything you need for editing and mixing but ultimately it's the creative impulse that has value; no one cares what EQ you used on the kick drum.
Hmmm. Couldn't agree more with the first part, of course, but I've found that there are lots of people around, particularly on music gear and software forums, who care a great deal about what EQ or compressor you might have used, and are prepared to judge you as a person based on it, but likely don't give a rat's posterior about (and certainly won't waste their time listening to) your music. So it goes...