A mono track only contains one channel of information. If you record a mono source, guitar, vocal, etc. and you recorded it to a stereo channel you would have two channels of audio but they would be exactly the same. this is redundant if you were not going to process the data in any way. However, being mono or stereo can have an effect when you start applying processing to the audio.
For example a delay plugin may take a mono input and create a stereo output. The same delay could also take a stereo input and process the two channels differently producing a stereo output as well. However, if the stereo input is just a copy of a mono input then it is effectively the same as using a mono input to the effect.
However if you record a stereo track where the left and right channels of audio are different, maybe different mics, amps or the output of a processor then the stereo track makes sense.
Really all I am saying is that if you truly have a mono source then use a mono track. If your source, whether it be from a stereo instrument or the result of running a mono source through stereo processing, has differences between the two audio channels that you want to keep then use a stereo track.