I have the Weifeng Tripod and the Benro A18T Monopod. I got the tripod for free when I bought my DSLR and I bought the Benro Monopod for about US$40 (or roughly about Php1,600).
My tripod is very useful for shots that require longer shutter speeds, say more than a second, or in certain macro shot situations. It is also useful in shots where I need to be in the photos, like family group photos. However, I find my tripod bulky and quite “tiresome” to set up and carry around.
I use my monopod if I was designated as the “official” photographer of a family event, like reunions, parties, and outings. My monopod is highly portable with its height adjustable, and is easy to setup. It helps a lot in steadying my hands when taking pictures even at 0″5 (half a second) or at 1″ (one second) shutter speed. An excellent assist when I'm shooting at low light conditions since I do not want to use a flash as much as possible (believe it or not, I only use it as “fill flash' if the background is much brighter than the foreground where my subject is). My monopod helps a lot in eliminating unwanted accidental blurs from my photos ensuring clear and vivid pictures. The best thing about my monopod, I don’t get tired raising my arms to shoot… It holds the camera for me!
I’m definitely and completely biased into using my monopod. But I guess, the reason why I like my monopod so much is that most of my photo shoots don’t require long shutter speeds.