I downloaded the latest version of Photoscape last night and played with some of the new settings. I like that there are now 3 'versions' of monochrome settings but I'm not quite sure if I prefer one over the other.
This is the 'bandicoot' setting. It looks to me like a cross between grayscale and sepia. (Don't ask me about the name--the closest I could find was the color of the bandicoot rat :/ )
This shot was converted to the new 'grayscale' setting--more like what I expect for black and white.
This one is simply 'black and white'. I can see where it would work well on some shots.
Do you have a preference?