Hi Vishal,
There are a lot of topic specific threads in this forum for solving specific problems, but few general ones on monitoring in general. I usually use a two-fold approach. I build good monitors on the BIG-IP and also employ an alerting system (Zabbix, Nagios, Opsview, etc.) to fix the nodes the BIG-IP marks down.
If you're looking for information on more complex monitoring examples, I have written a few tech tips on the subject of EAVs. Check these out:
http://devcentral.f5.com/Tutorials/TechTips/tabid/63/articleType/ArticleView/articleId/1086366/A-Brief-Introduction-To-External-Application-Verification-Monitors.aspx
http://devcentral.f5.com/Tutorials/TechTips/tabid/63/articleType/ArticleView/articleId/1086365/Dynamic-Pool-Member-Selection-Via-DNS.aspx
Let me know if you need any more direction on monitoring documentation or examples.
-George