To be honest I don't think builds like this will work on higher difficulties, at least not in soloplay. Even if it provides decent DPS in group play, I don't think monks will ever compete with DH, Wizard, or WD in terms of DPS, as a DPS monk I think you will just be gimping your group because they could get better output from other classes.
In soloplay your build doesn't have the necessary survivability to beat higher difficulties IMO.
I think soloplay monk is going to be about mixing survivability with damage, luckily we're one of the best classes at accomplishing that. I think we need to either focus on building armor and dodge or building healing while keeping a few damaging abilities.
I have a build that focuses on heals and another that focuses on armor, personally I'm going to use armor, so this is the build I intend on rolling with:http://us.battle.net/d3/en/calculator/monk#aXgiVh!ZXd!YbaZaa
With this I can build armor off of dexterity (which also increases my damage and dodge) Additionally I have 2 heals + the immunity of serenity. The build has lots of mitigation + the heals, but it also does a lot of damage. Not as much as your build, but probably not much less. Your build might dish out 9/10 or 8/10 dps but my build has 9/10 survivability while still dishing out 6/10 or 7/10 dps, obviously those numbers are ambiguous but you get the idea.
As for group play I think monk's role is support/healer. I won't get into builds but I really think groups will look for monks to fill those roles or perhaps to tank, but I don't think we can dps as effectively as other classes.