How revealing...
I wanted to know if there was a concensus of opinion, it seems cans seem to be used more.
I am fortunate indeed to have such a response from you guys, It seems that monitors are a luxury, that if you have the space and wallop, then they are great.
For what it's worth this is what I use, and I'll explain why they are useful, (excuse me if you already know all this, or it's been done before on this forum, and yes I know my production could always be better...)
Before starting, think of your song as a Car, it's much easier to change things early in the process then at the end, so.... I think Boydie and JohnnyUK touched on this, but time spent getting the sound you want before you press record, saves so much time later on, faffing about with EQ, compression etc. and be honest with yourself here, it might take an hour to get the right sound for an acoustic guitar.
Closed back headphones (AT MTH40x) for Vox and acoustic instrument tracking, they don't need to be top quality, just good at not letting the sound bleed from the cans into the mic, it's very hard to remove it once it's on your best vocal take.
Open back cans (AKG Q701)and very old hifi speakers (JBL L46 - I love the way they sound) not powered near field monitorsfor mixing and mastering, (both are very flat response, you'll think you are not hearing things right because there won't be a lot of bass).
I got the best I could afford (I had to save hard for them), as they will help translate your treasured instrument, hard work in writing and playing, into a finished song, and it also makes it so much easier in placing the track in the stereo and sonic image. (I imagine it like sitting in the centre of huge circular bookcase, with lots of pigeon holes to pop each part of the song in). I used to have a very cheap pair of Sony headphones and my mixing would always sound different in a confusing way, so the AKG's make it so the mix sound accurate when you hear it elsewhere, both in the stereo sound stage and tonally.
If I do listen on the monitors I either listen very loud, or very quiet, both are very revealing, and useful for things like solos and lead vocal levels.
The final phase is to listen with the speakers in the car for real life listening.
I don't think anyone mentioned the lugholes. Before I start tracking,mixing or mastering I always hold my nose and blow out , like you do on a plane descending to stop the pressure in them, I found this 'reboots' your ears so they hear the same way, I can go back a mix from weeks before and know that I'm hearing it the same way.
Hope this helps,
cpm