In short, I have had been with HostMonster for about a year and then later I switched to another web hosting company FatCow.com.
Two reasons for my switch:
Reason #1: when I start with HostMonster, everything worked great. I did not have any problem with them. However, when my site got bigger and more traffic, I started to have some issues. Some of my customers told me they couldn’t access my site occasionally. I did not see it myself though. I called HostMonster support and was told it might because my site used up too much resource or something. They did not really figure out the cause though.
Reason #2: back then HostMonster’s price was $7.95 per month. I switched to fatcow.com which only charged me $4.67. They have pretty much the same features, but fatcow is cheaper and more stable. I haven’t had any problem with fatcow since the switch.
So, I guess if you are running a simple blog or a small site, HostMoster probably is fine. Plus their price is coming down now, $5.95 per month with a free domain. That is a pretty good price.
Another thing about HostMonter is, their founder actually is the same as BlueHost. So, technically, they are the same company, but they run somehow differently. BlueHost is more expensive than HostMonter. So I guess probably their original intention is to have HostMoster for lower end users and BlueHost is for higher end users. Also it seems there are many complains about BlueHost because their downtime and file, CPU restriction. So I think HostMonster very likely having the same issues.
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Conclusion for HostMonster Web Hosting
So, my simple conclusion about HostMonster Web Hosting is: if you already have a small site or blog with them, you are fine. Overall, they are a decent company, not a scam or something, However, if your site is growing fast or you plan to get start a new site, I would use FatCow.com instead of HostMoster.