I love black and white photography and I have several photos in my collection.
I find it challenging to know the right time to use the monochromatic setting. I often experiment by taking one of each to see the effect. Monochromatic photos have the advantage of eliminating some of the "washout" tendencies that occur in color photos. When there are a lot of bright or vivid colors in a shot, I tend to think black and white is best. The same is true when there are lots of detail in a shot that would overpower the subject in the photo.
I guess there is no right or wrong, which makes it so much more fun!
Uploaded first round of pictures. These are all photos of my daughter and son. I love taking photos of them...the feeling is not always mutual! Kids are challenging because they are ALWAYS moving and rarely content to pose for a picture. I'm now in the mindset that posed pictures is not the way to go with kids. Our best pictures have come from candid shots when they were completely unaware of the camera.