Its a good IDE. but its not the only free alternative to Visual Studio for .net projects. besides the obvious Visual C#.net free from Microsoft there is also SharpDevelop. http://www.icsharpcode.net/OpenSource/SD/ I don't use it primarily as my preference is Visual studio. But its amazing and also open source.
Not knocking monodevelop. I have used all 3 of these and they all have their ups and downs, But they all are wonderful IDEs. I recommend Visual Studio first and foremost as it always supports the newest trends as soon as they are available. But otherwise, both SharpDevelop and MonoDevelop are great too.
I'm also a fan of snippetCompiler too, although i no longer use it because i wrote my own version that opens faster, supports more languages, and saves file tabs between session via a checkbox below the close button.
On another note, there is a free Adobe Flash open source IDE called FlashDevelop that is pretty nifty too. Its a good time for open software with the boom in computer science students about.