I think it would be nice to have a monitoring section (like the rename devices sub section) in sound settings. there could be a box at the top next to rename devices and configure volume controls. in that menu there could be a volume bar for the monitoring and a drop down box to choose which device to monitor with.
I know this (accept the volume control) can be done with Qpwgraph, but for those who just want to listen to their mic on their headphones it would be nice to not need a separate utility.