Andy's points are valid, but I'm not as pessimistic about them as he is.
From what I've seen of the present commercially available monoliths, they give efficiencies (plate counts) about like those of 3 - 5 micron packed columns, but with the back pressure of 10-15 micron columns. So yes, you can up the flow rate and get very fast separations, with so-so efficiency. Or, you could couple columns to increase the length and get back some of the plates and still run at reasonable pressures.
The "solvent hog" is a direct consequence of high-flow rate for fast separations. That problem is mitigated by using capillary monoliths, but they require specialized low-dead-volume instrumentation that's not yet "mainstream".
The low phase ratio is a consequence of having a lot of macro-pore volume (lots of room for solvent to flow through, which is what gives the nice low pressure). While this does affect the loading capacity quite a bit, I really don't see it as that serious a problem; it basically means you use weaker mobile phases to get equivalent retention. By the way, I've heard presentations by Tanaka (the "inventor" of the silica-based monoliths) where he described his ongoing work to get the phase ratio up, which involves shrinking the macro pores and does increase the back pressure. I came to the same conclusion as Andy: if you extrapolate from the performance of a 5 micron with the pressure of a 15 micron, what you come to is the performance of a 2 micron with the pressure of a 2 micron.
I think there are a couple of other (perhaps simpler) reasons for the slow acceptance:
1. HPLC is something over 40 years old, and as such is a mature market. There's a large installed base and a corresponding "if it ain't broke, don't fix it" mind set. My take is that a new technology has to offer at least a 10-fold advantage over an established technology in order to be "disruptive" and take over the market abruptly. That can mean twice as fast and one-fifth price, but it has to work out to a factor of 10. One can argue the pros and cons of the monoliths, but they aren't 10 times better than existing packed columns.
2. The monolith technology is patented, by Tanaka for the silica-based materials (I believe licensed to Merck Darmstadt) and by Frank Svec for the polymeric materials (I think licensed to LC Packings -- which was swallowed by Dionex -- which was swallowed by Thermo). Until they go off-patent and other companies get into the act, I think development and acceptance will be slow. There's a precedent in the history of glass capillary GC columns, which languished in the US until they went off-patent. W