I just had my girl in March. Induced, no epidural or pain meds other than Nubain to help me sleep (at my request). Makes for a wonderful and fulfilling birth-especially when people (at least the people around me) were telling me I'd end up with an epidural!
I wasn't monitered all the time, though. :)
My friend also went through an induced birth with no pain meds in October. That's how I knew I could do it!