+1, and no desire to be controversial, but every desire to share what I have experienced. Disc brakes just work, and work well, even -- this is from my experience, which is limited, of course -- mechanical discs; and even **cheap** mechanical discs, like the -- god knows, I don't: what were the OEMs on the Monocog? But take the ancient, perennial BB7, either road or mtb model. As long as you know to clamp the cable about 1/3 of the way along the actuator arm's travel, Bob's your uncle.
On the Monocog, I swapped out the flat-bar OEM cheapo discs for Road BB7s, and pull them with high MA (thus, bad for the purpose, but I had them handy) Shimano 600 AX aero levers thought generic, by-the-foot housing. They work very well: no rubbing until you get mud all over the pads and rotors, and even that for not very long; stop well -- at last as well as any centerpull I've ever used, and certainly better than the expensive Paul cantis on my Matthews 2:1 (more on this in another post*) -- and they're easy to set up (once you know that trick). No, they're not as powerful as V brakes or as easily modulated as good single pivots, but they are fully mid-pack for power, modulation, and ease of setup.
Were I to gin up the gumption to replace the AX levers for some good, low MA non-aero levers, and replace the $0.87 per foot housing with Jagwire or something, they'd work even better. But they work so well as-is that I can't be bothered.
Now, I've never used full hydraulics, but I do have TRP Hy Rds on the Matthews 1:1. Yes, they are more powerful and easier to set up. They don't modulate much better. But are they twice as good for twice the price? Nope. I got my Hy Rds used for a good price, but I'd be hard put to decide whether the premium in full retail would justify the real world performance compared to BB7s.
And: discs, mechanical and hybrid, are just so easy to set up!!
* Any suggestions for improving "bite" for the Paul cantis on the Matthews 2:1? Touring rear, Neo Retros front. Salmon Kool Stop pads. Shimano pre-STI Dura Ace 74?? levers. The pads just don't grab the rims strongly, and they're long since broken in. The single pivot (Superbe Pro? RGC?) front on the 1999 gofast grabs harder than either f or r Paul. Ideas?