There are countless opinions on the usefulness of monks, but let me just say that you won't be disappointed by what they can do.
True, monks are a bit weak in the beginning, but you can offset their AC with potions of mage armor and limiting yourself to a single attack per round. I tend to couple that with a charge and that usually gets good results.
Here are some feats to consider...
improved initiative (being the first to act means everyone loses their dex bonus, always a plus)
weapon focus - unarmed (always pays off, this one)
weapon finesse - unarmed (for the high-dex/moderate-strength monk)
power critical and/or improved critical (some would disagree, but you'd be surprised how often you can confirm with the former)
freeze the lifeblood (this one you won't see til later, but when used against a spellcaster, it could mean the ballgame)
As for monk feats, I prefer stunning fist over improved grapple (which is nice if you going the strength route, but it ultimately lowers your AC and makes you vulnerable in the process), combat relflexes over snatch arrows (loads of AoO), and improved trip over improved disarm (one gives you an extra attack, the other doesn't). Basically, all grant additional attacks that you normally wouldn't have with the other flavored feats.
IMO, good races for monks would be human, dwarf, or half-orc. Some like elves for the high dex., but the low con. really hurts in the long run. Also, anything large, like a half-minotaur or a half-ogre, for example, would greatly increase your total number of AoO and overall presence on the battle-grid.
Lastly, monks need not be thought of as weak fighters because they're really more than fighters. They move faster, have a higher number of attacks, and better saves overall. They get spell resistance at higher levels and all kinds of immunities that a fighter would never see. They also have access to magic that could save you in a tight squeeze like dimension door, for example.
If you're in a group that tends toward the good, check out Vow of Poverty from Book of Exalted Deeds. When coupled with a monk (which it was intended for), it makes a ridiculously powerful combination; however, just make sure the cleric's got your back.
Have fun.