I'm in favour of organizing tournaments either every or every other month (or as demand fluctuates), with every other tournament being your regular vanilla OU tournament and every other being a flavour tournament with a more interesting and gimmicky ruleset.
The monotype tournament was pretty fun, but as someone who likes real competitive a lot it felt awfully restrictive, and I had a few moments when I knew I could have done something about the horrible freaks just plowing through my team but that was completely impossible to execute because of the rules that were in place, and that made it very frustrating at times. Vanilla OU is just a meta that is by far the most balanced and works most naturally, and while I know there are some people here who don't care much about it, I think people might be more into normal competitive right now. Especially with Pokébanks and breeding operations being fully operational and pretty much done for everyone (except me because I haven't touched my game since the monotypes ended).
But we totally shouldn't forget all about the flavour tournaments either, because those are pretty interesting in their own right and gather a different kind of a audience than just people who are really into competitive battling. It's just that, those two tournaments can't really be held at the same time because people get awfully distracted and troubled by raising more than just one team and taking care they fight everyone for two tournaments. And since the demand for the gimmick type things is clearly on the decline, we might try something else for a change to see if that would reinvigorate the format at all before switching back to the more "fun" stuff.
I'd really hate it if this died.