Monopod and m43

You'll get sharper results but not necessarily sharp.

Easy.
My monopod has a ball head on it; if I need to tilt the camera at all I just set the tension to moderate so that it has a little bit of give to it.

Better results than handheld but only if the handheld alternative is on the marginal side of plausible. Inside a dim church a tripod will make your keeper rate go up 1,000%, simply because there will be situations where a monopod won't help enough. If the shutter speed gets to any decent length at all, say longer than a half a second, a monopod won't cut it. You're not going to catch detailed architecture at f/1.7 and ISO 3200.

I have a monopod that I use less and less. These days I tend to reach for a small tripod because the tripod will always get the shot. I only use the monopod if I'm going to be in a crowd such as going to the zoo.

Consider getting a self-standing monopod that has expandable tripod feet.
http://www.amazon.com/Manfrotto-682B-Standing-Monopod-Black/dp/B0009PSF9O/ref=sr_1_5?s=photo&srs=2529845011&ie=UTF8&qid=1359320175&sr=1-5&keywords=manfrotto+monopod