My guess on the monitor control is that its a digital control over Nuendo's Control Room or other DAW's master volume. There are external monitor controllers that are EuCon enabled but you'd have to check to see which ones.
I am diggin' the idea of using this thing in the tracking room as a tweaked out remote. Just using CAT6 all over the place for headphones and now DAW control is making my cable trunk design much easier!
Can't wait for more info.....
-bassman