Monkey Grip can only be used with special big weapons, while Power Attack can be used with any standard one-handed or two-handed weapon. You know, the size you normally find in piles of treasure.
Special in what way?
You just have to be big enough to use the particular weapon (no more than 1 size class smaller), that's it (a S PC couldn't use a L 2handed sword). But a PC could use MG to wield a Large One handed or Light weapon if he so chose...he just couldn't use one in his off-hand.
As for what you normally find in piles of treasure...that depends upon the campaign & adventure. Size M weapons are probably the norm, true...but that just means that a S sized PC w/MG could use the size M 2 hander!
Don't discount the ability to hit stuff on demand. The ability to shift focus from attack to damage is quite strong.
Believe me, I'm not! Almost every time I've designed a PC with Monkey Grip or Heavy Weapon Proficiency, that PC has had Power Attack as well.
I just think that the true strength of the Feat is that it opens up so many other options for a PC...Sundering, Cleaving, Leap Attacks, certain PrCls...while Monkey Grip and HWP do only one thing.
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