Not really, I think i've used it once or twice for novelty. A year or so ago it expanded into central Birmingham so I hear it's useful for some commuters.
Couple of days ago I drove over part of the line 8 times for the first time in donkey's trying to buy some Wolves shirts at the Molineux, it delays cars and I doubt that'd factored in well.
Merry Hill shopping centre used to have a monorail..