Monoblock looks easier to install with just water lines to the house.
Correct. Just one box to install. It's faster. No refrigerant lines to and from house.
The freezing of these is a bit of a concern in a power failure though.
Exactly. Glycol anyone?
I livein a similar climate and I preferred the split option because I wanted to have some functions inside and not have to worry about the line freezing issue. And wanted to minimize the size of the outdoor unit.