Reelman is Spot On....
Since I only do freelance work for Nikon I'm not involved in those decision's.
I know part of the 3-5-7 desigantion is to make it easier on the buyer. The Buckmaster line has been a big success for many years so it was really never phased out and now with the Buckmaster II it is alive and well. I haven't had my hands on one or a PROSTAFF II so I can't really comment on them other then what Ihave read and been told. The PROSTAFF 5 and 7 are defintely not your PROSTAFF line from years gone by. Some friends just got back from a shoot where they were hitting targets at 1200 yards with the PROSTAFF 7 BDC reticle.
I have used the MONARCH 3 and it is very nice. Extremely clear,bright and great for early morning or late evening shots. The 4-16 BDC made pinging steel at 500 yards pretty easy.

http://i1216.photobucket.com/albums/dd363/bman940/MONARCH%203/MONARCH34-16.jpg