I'm assuming by "arcade monitor" you mean a CGA monitor. What sort of video cables do you intend to use for the XBOX and PS2? Are you going to use S-video, component, or composite signals?
The noted monitors all have VGA inputs. In this scenario, the Billabs has an advantage in flexibility as it can display up to 1024 x 768 versus 800 x 600 for all the other arcade/CGA monitors.
So, with only a VGA input on the monitor, all the consoles would have to hook up to VGA - either directly or via a transcoder or switchbox.
I was hoping that there was one box that could switch the VGA from the PC, component from Gamecube, Wii, and PS2, and VGA from the Xbox/Xbox 360. Doesn't sound there is - at least under $500. Yeah, multiple cabinets would work, but buying a high-end mult-format video transcoder would be far less expensive.
Sounds like a VGA switch in combination with a couple transcoders (one for each of VGA and component) would work but will still require some manual cable switch and/or button pushing. An A/V switch is another good idea for audio even if can't handle the VGA requirements (due to lack of ports or switching capability).