MonoDevelop is in the very early stages of development right now, and progressing quickly. The News and Status page and the Mailing Lists will contain all major updates.

MonoDevelop has many features. Some of these include:

Class Management
MonoDevelop has a class viewer which allows you to list the classes in your project, their methods, and properties. Your namespaces are also kept track of to keep the classes separated. When you add something to your project, it will automatically be added to the class viewer, even if they're namespaces, classes, methods, or even variables.
Built-in Help
The .NET documentation and the Gtk# documentation are built into MonoDevelop for easy access.
Code Completion
With the .NET and Gtk# frameworks put together, it can be challenging to remember all the classes, methods, or properties that are at your disposal. MonoDevelop's intelligent code completion attempts to complete what you're typing. If it finds a match, just hit tab and MonoDevelop will do the typing for you.
Project Support
MonoDevelop comes with built in projects that help get you started with your console, Gnome# or Gtk# application.
Integrated Debugger
MonoDevelop integrates with the Mono Debugger to provide a graphical frontend to the debugger.