I never owned the DCF WP II's but have owned the older DCF WP 8x42. Not sure how comparable those two models are.
What I do know is the DCF WP 8x42 is a better bin optically than the Monarch 8x42, the Monarch is a good bin, my father-in-law and a close friend own them. I've had considerable time to compare the two (pentax vs Monarch). The Pentax have better resolution at all distances, period. Not by much, but they do. The DCF WP also slightly brighter.
I believe you can still occasionally find the older WP's NIB. If I'm not mistaken Doug also had some smokin' deals on DCF SP's.
If you can the SP's for close to the same price as Monarchs, absolutely no doubt get the Pentax.
Bill