It is cool, but unfortunately it wouldn't work too well for me. My amps draw power in standby, but if they are "unplugged", then I have to go and push the power button on the amp to get them to come back on. So, not very handy in my case.
My Belkin has switched outlets that can be controlled by the power draw of one of the units connected to it. It doesn't have a remote, though, like those Monster units.