Nifft
Penguin Herder
Monks aren't great, but they do have a niche. Specifically, their niche is killing spellcasters.If you gave the Fighter Create Water at will, it wouldn't make it a better class.
Monk gets a handful of extremely limited magical abilities, many of them not until well past when spellcasters can do it (and better) anyway, none of them particularly helpful to the monk's combat role or skills, or anything else.
The Monk's defensive suite of abilities is truly great. They have the best saves in the game, along with Evasion and an Insight bonus to AC (which works against Touch attacks). They grapple (or stun), they Tumble through ranks of minions or Jump right over them, and eventually they get SR -- Monks are made to be a Wizard's nightmare.
Of course, it turns out that Wizards are a low percentage of all foes in the game, so the Monk doesn't actually get to shine very often. But at least he has a niche, and he has something that he does better than anyone else (having awesome passive defenses) -- though it should be noted that defense alone can't win fights.
Two levels of Monk are an excellent defensive mix-in.
Cheers, -- N