I'm going to start doing reviews of baby items as well. As first time parents, we've had to do a lot of research, and maybe these reviews will help someone else out.
Justin first picked up a Graco iVibe Monitor, but it got terrible reviews regarding the batteries. I had already done some research from the BabyBargains book, and had settled on the
Sony 900mhz Babycall Monitor - the only bad thing is that is only available on target.com (at least, it wasn't in our local Target - YMMV). This monitor has 27 channels that it could be set to, but so far we have not had any problems with the default (yellow yellow yellow) setting. The receiver can be set to off, always on, or voice activation. Since we have an aquarium set up in Alex's room with constant white noise, I like to use the voice feature. Even when his mobile is playing, it will cut that noise out and only pick up when he starts to cry. I have heard him sneeze, fart, and grunt all on the voice feature.
The monitor also has a sound meter with 5 red lights that light up depending on how high the noise is. This is helpful if you are drying your hair, cooking, or yelling at barking dogs.
I can't really go outside from the living room with it, but I think part of the problem is I placed the transmitter near a bunch of other electronics (tv, wireless router, etc).
All in all, I'm happy with this monitor.