Another question haunts my mind: will every episode end as a standalone one (with everything linked together as in S&M) or will it really be like playing pieces of a single story every month? Honestly, I'm for the second option.
For the way I imagine it, it should be like "TO BE CONTINUED..." at every episode, and the next episode starting where the player left.
I don't think Monkey Island would fit with self-conclusive stories/episodes, it works with epic stories. So, cutting an epic story in 5 parts sounds great to me, but playing 5 mini-stories doesn't.