No the picture doesn't do it justice, but my camera is not very good and he's almost always hiding anyways. Well, my opinion of them so far is so so, being as mine is just a juvenile. The thing with Melinus is that many people view them different ways. I have searched everywhere for info on these guys and my conclusion is this...
It depends on the individual you have, and how outgoing that individual is. Mine is like most would describe, extremely elusive and not fond of interaction of any sort. With a lot of patience though, he is improving. This is why a lot of large scale breeders probably dislike them, because they didn't have time to work with each animal enough to make come out of it's shell a little more. But some are very friendly and stay in plain view most of the time. But in general, if you want a monitor that will boldly take food from tongs every time or stay out all day, I would stay clear of this species just in case.
As far them in relation to indicus (I don't keep them), I would say that they are very similar and have even heard of them sharing the same enclosure. There are also melinus/indicus hybrids. Temperament wise they are about the same, with melinus being a bit calmer than indicus, or so I've heard.
Overall, I really enjoy mine. He doesn't come out often, but I am not really fond of handling him or that sort of thing so it works out fine for me. If you are used to keeping indicus or other shy species, you may enjoy them as well. There are a few in the classifieds that claim to have an outgoing animal, if so that would be the one to get I guess.