Wis (if higher than int, most likely the case on a monk, especially an iksar one) will help to raise skills faster. Which is nice if your monk is into tradeskills... like mine is, an aspiring brewer working her way to grandmastery (as both a monk and a brewer!)
The reason is that there are better head items for monks out there, the reason a monk would use this over something else is so that he/she would have a full set.
If you're just going for looks, you could go for the Froglok Crown. I'm not sure what good it will do your body in melee.
If you do the research, the best and lightest head item to wear until you can get the planes stuff is an Executioner's Hood. Look up the stats and weight.
This "headband" has the graphic of a leather hat on your toon when worn. Sucks for humans because of the stupid little pointy hat graphic we get. I'm wearing this currently but will probably trade for a froggie crown soon, since I just got RotLC and having this hat totally ruins the look.