You're not wrongQuote from macrofilOh right, actually discounting any dps bringing buffs aswell. Guess I'm back to EP doing the best damage ingame atm then.
As the other user pointed out, when the damage from the group is high enough for the content, EP/PP monk becomes less useful as he doesn't have time to reach potential. When things are alive for 5+ seconds though, its easy for the PP monk to pull ahead. You're not wrong with your arguments; it all depends on the level of gear : difficulty ratio. When that is in favour of the damage, a fourth (supporting, all group players should support the power is too much to ignore) DPS will provide more speed, whether thats a DPS monk or sprint barb or Jade Doctor (15% Piranado +30% SA +30% - and 20% IAS BBV) they will help more than the palm monk.
But as soon as that ration is more balanced the monk pulls ahead with the ability to "transfer the DPS dealt" - but even then the efficiency is grossly affected by the mobs and map tilesets (can't cyclone 'fat boys' and dungeons/halls of agony style corridors can be a bitch for grouping compared to, say fields of misery). With the gross amount fo transferable damage given by FoA and +phys%/elite% modifiers there's no wonder they are top of the "legitimate" GRifts times (discounting basically anything 40+ as 'exploited' - w/e different argument). Pretty sure that's gonna get nerfed "TO THE GROUND" though