In my case, the unit will power up and run for maybe at most 15 minutes before it shuts down. (Actually trips the self-protection on the 1000W PS.)
Of the two "pumps" that are mounted on the ASICs, the one farther from the radiator "growls" and gets progressively louder until the shut down, so I'm sure that's toast. It may also have something to do with the way the radiator (and therefore the tubes) are mounted on the sled. So if there's any leak that leads to air in the system, it's guaranteed to be right there going into the tubes exiting at the top of the radiator to the pumps.
No indication of any leak though. The unit ran for months without ever being moved off the shelf it was originally put on and there was never any fluid expelled I ever saw.
If I do bother repairing it, I'd most likely look to add a reservoir to the loop so I could bleed air off and add coolant if it ever became required. But I still don't think it'd be worth more than the $50 I originally paid for the Monarch to repair it.