I find the project to be deeply hurt by being tied to the XNA ecosystem (the content pipeline is a mess, especially as you can't build content stuff in MonoGame itself, and Android support is atrocious--dealing with a destroyed context is insanely messed up). I'm also pretty disappointed in the lack of professional behavior--no CI, few/no automated tests, and few/no code reviews have led to some serious WTFs that sneak in that are really unsettling. There's a lack of project leadership, too, in that if you'd like to contribute there are no real designated maintainers or developers with responsibility over submodules (I've tried myself, multiple times, to no real success).
I think the best way forward for Mono and games would be a library, starting with MonoGame or not, that followed better practices and didn't try to make square pegs fit in round holes. There are a lot of areas where it makes sense for Mono to ape the .NET APIs but this doesn't seem like one of them.
How to guides:
http://www.badlogicgames.com/wordpress/?p=2602
http://www.badlogicgames.com/wordpress/?p=2450
http://www.badlogicgames.com/wordpress/?p=2454
http://www.badlogicgames.com/wordpress/?p=2457
http://www.badlogicgames.com/wordpress/?p=2459
There was also a discussion about using J2objc (http://code.google.com/p/j2objc/) in order to port it to iOS: http://www.badlogicgames.com/wordpress/?p=2593
No Metro support (and I find it very unlikely Microsoft will allow Java apps in their Metro store, and almost definitely not on ARM devices) and a reliance on IKVM on one of the major mobile platforms makes it a poor choice for greenfield development if you care about those platforms.
It's really, really great for desktop and Android, though.
not sure what's wrong with IKVM?
If the project is lacking tests -gasp- that right there is an area you could have contributed.
If the project needs CI, I can tell you, it is not very hard to add. We would be happy to host that.
Porting from WP7 to iOS took a few months, mostly because MonoGame didn't have any 3D support (we added it). We have been slowly porting to Android, it's been pretty good so far, the framework makes it easy and we've had very little issues making external libraries build on MonoDroid. Xamarin's also been very responsive to our questions and issues.
If you want to see what it looks like, here's a video of what we have lined up for our next update coming out in a few days: http://www.youtube.com/watch?v=u5N_ckb-dXw