I think the idea of exclusivity is acceptable only when the person for whom it applies accepts it and finds happiness in it.
Speaking for myself, I generally do not demand much of those around me; I prefer to adopt a laissez faire approach. When it comes to a girlfriend however, I have before, and will demand a much higher degree of exclusivity. I think it addresses a need of mine, somehow making up for the distance I maintain with the rest of the world.
On the other hand, when a girlfriend has demanded exclusivity from me, I have in turn been happy to oblige. I recognize that she has a need that mirrors my own.
As far as monogamy specifically is concerned, I see it as a sort of character building experience. When I have been in a relationship, I have been tempted to stray on occasion, but choosing to keep a promise and in building a relationship with a woman you grow to know better with every day has its own rewards.
Maybe that's it, don't you think? If I keep jumping from relationship to relationship, or focus on different women at a time, each tie remains superficial, it's depths poorly explored. Instead, I'd rather focus on one woman, make her the center of my universe and know her in ways no one else will ever know.
Now that sounds exciting.