1. Are monks overpowered in a group setting? Pretty much. Self-heal, huge melee avoidance, good DPS, FD/sneak.
2. Are monks capable of tanking, in fact are they considered the second best tanking class in the game in a group setting? Monks are easily the best tanks in the game for content which does not absolutely require a Warrior for disc tanking. Aggro is not an issue as a caster with first rank Root can guarantee that the Monk tanks. On top of this, Monks have access to some absolutely amazing aggro weapons: Tranquil Staff, Adamantite Club, and Sarnak Warhammer.
3. What group is more efficient? One with a warrior, sk, pally, or a monk tanking, and why? Depends on the rest of the group IMO, but you can't go wrong with a Knight or Monk tanking in an exp or non-raid group.
Also you don't need NToV or BiS loot to tank on a Monk. I've tanked a ton of stuff with my monk, which has zero raid loot minus Iki boots.
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