I agree Peter - Monaco doesn't afford many passing opportunities, especially in the modern F1 era where the cars are all fast, all mostly reliable and technology like KERS brings them all onto the same playing field.
I'm not sure that I don't prefer some aspects of the good old days where the whole point was to go out on a limb and build the absolute best car that would blitz the field that year - until your competitors did the same next year in an even better car. The "formula", I think, is too rigid now and designed to flatten advantage. Think back to the days of the 6-wheeled P34 Tyrrell - what a departure from the norm. Radically different, it only required a little more development by the manufacturer on the tyres it used up front before it may have become super-competitive. I don't think that the governing body would allow this sort of departure from the rules these days. A bit sad in some ways.
I think that any of the top ten drivers could win in the best car on the day. Vettel is a bit of a thorn in that little theory though - he's reminding me of Shuey a short few years back. The combination of his skills and tenacity, along with the setup on his Red Bull puts him a only whisker ahead of everyone else, and that is enough given everything else is consistent.
All that aside, Monaco "is" Formula One to me. What a wonderful tradition that track holds. Looking forward to tonight's stoush.