The monorail is currently very situational, as it does not reduce the number of transitions a player must go through when compared to fast travel. In almost all instances it is quicker (or identical) to fast travel to the the Strips north gate and enter, or to fast travel away from the strip to the outside of Camp McCarran and enter the camp that way. This applies even if the player is in the tent city, supply shack or exterior (behind the terminal building) portion of McCarran or standing in front of the LVBS.

Standing in front of LVBS:

Exited from The Tops or the Ultra-Luxe. 1 transition.
Enter the LVBS or fast travel to the outside of McCarran. 2 transitions total.
Take the monorail to McCarran or enter the tent city portion of McCarran. 3 transitions total.
Enter the McCarran terminal building from the exterior monorail drop point or enter through the main doors. 4 transitions total.
Proceed to the concourse/exterior base (obstacle course, behind the terminal building). 5 transitions total.
Enter the supply shack. 6 transitions total.

The transitions are identical (if needing to visit the tent city area then fast travel wins), if you change the scenario to be anywhere except inside or right outside the LVBS, fast travel gains the advantage. This same principle holds true for McCarran, the monorail only gains the advantage if the player is inside the terminal building or concourse (since it has no direct route outside).

Standing in the supply shack:

Exit into the open. 1 transition.
Fast travel to the north gate or enter the terminal building. 2 transitions.
Enter the strip or enter the monorail platform. 3 transitions.
Enter the second section of the strip or take the monorail to the LVBS. 4 transitions.
Exit the LVBS. 5 transitions. (3 transitions versus 4 if both paths begins in the tent city or aircraft storage area)

Standing in the Concourse:

Exit the concourse into the terminal building. 1 transition.
Exit onto the monorail platform. 2 transitions.
Fast travel to the north gate or take the monorail. 3 transitions.
Exit the LVBS or enter the first section of the strip. 4 transitions.
Enter the second section of the strip. 5 transitions. (3 transitions versus 4 if both paths begin in the terminal building)

The most obvious method of making the monorail effective would be to make the New Vegas end let out at the exterior of the LVBS (with access to the strip immediately) and the McCarran end of the line actually let out directly into the McCarran terminal building (without having to enter from outside). I don't know how difficult that would be, though if it can be accomplished then the monorail would actually be more efficient or identical to fast travel regardless of which section the player was in on the Strip or inside McCarran.

I don't think the monrail is meant really to benefit the player or really be a faster access route. Its simply a method for the NCR to move in and out of the strip without passing through freeside.

I realize it is a plot device, however with a bit of a re-design it could actually be practical.

The only time I end up using it is to get onto the strip with a pro NCR character without earning the 2k for the passport.

I really wish they would just let you fast travel to just inside the strip's north gate, outside the 38.

Would make my life a little bit easier.

I think they should have made each casino and the ncr embassy marked locations.

As if we arn't already overloaded with map markers.....

Its a whole 4 map markers in a space where there are none.

Or put a south gate up instead of a dead end. Almost every other inclosed area of the game has two gates except for the strip.