Hey, guys! I recently came across the idea of recording my scratch tracks of myself singing/playing while having the mix playing thru my monitors. 
Of course, they probably get picked up a veeery little, but the sound isn't at all present in more final recordings. Either way, it has helped me stop from singing about 15 cents sharp, something I'm notorious for when tracking with headphones.
I like the method because it feels more natural to sing in an environment that's more like a band around me than "inside my head".

Do any of you guys do it this way? Or do you prefer closed-backed cans for retaining clarity and safety of the audio? Or even something ELSE entirely?

Closed back cans, but I want some open backed ones for midi and DI'd recording where their is no bleed to the mic to worry about. I could mix in the monitors for the latter, but I like the volume up when I'm recording and there are always neighbours to worry about. Besides I am more comfortable playing badly and then getting into the part and generally jammin if no one can hear me. I'm not great at playing anything.
 
I guess doing it your way is not so dissimilar to mic'ing you up and getting bleed from a band playing

People used to record in one room, maybe some gobos, with all the instruments bleeding into one another.  Part of the charm of analog days and can work nicely if the room is good.
 
As you say, sometimes you can't tell if the monitors are bleeding, esp. if the latency is low.  It merely reinforces the audio on the other tracks (tho you may get phasing or all kinds of problems too).
 
My singer made me use a scratch vocal because she liked the performance.  She was in the control room, DI bass was in the monitors and the guitar a little but there was a lot of bleed through from the next room.  But it was the best take, so the mechanical imperfections didn't matter.
 
Just keep an ear out for any killer problems, like phase.
 
@

It is a very good way to record. I believe Michael Jackson liked doing it this way too.  If you have a really decent condenser microphone that can be put into a figure 8 setting there is a way of setting up the speakers (high up on stands) in the null points of the microphone facing you. That way very little spill from the monitors will end up on the vocal track. (Amazingly little in fact)