I'm going to have to agree with the chorus and say that it depends on the PCs and the monsters (and the environment too). Some characteristics can make low level monsters more or less threatening. For example, low level guys with an auto damage aura can bypass higher level defenses (up to a point - there will be stacking issues, so hordes of similar guys will be less effective). Dryads, when in their favored terrain, are very mobile and have good accuracy and conditional damage bonuses. So they can be pretty decent against higher level characters, especially if aided by the higher level, elite dryad, because they will usually be going for a more vulnerable character, often with situational bonuses to attack (flanking, charging).
Monsters that debuff defenses or add extra bonuses can make weaker allies far more effective. For example, Bone Devils can drop a target's Will with their poison, and have another attack that drops everything. War Devils can add to their allies attacks with their marks. Pit Fiends have another ability to drop all defenses. So weak allies might be attacking at +12 or more compared to normal, which will really improve their effectiveness - even monsters outside the normal useful level range could land hits then (especially if they can go for weak defenses), although they would die more easily than normal enemies.