I am guessing you mean the Dragon Tree Press one.  I'll have to check if I picked up a 1st Edition version at some point or not.  I think I remember bidding on one not too long ago.  Like most of the DTP items, there is a good chance you will get it cheap for $5 but sometimes there is a bit of competition so it edges up to maybe $15-$20 (max in my mind).

I think the general impression is that these books are fairly common for small press nonTSR items and most people don't seem to take much notice of printings - there's me and well ... you.  Anyone else?

I remember looking for differences between different editions of some of their other items and not really finding much difference at all so you probably aren't missing out too much with a 2nd edition vs a 1st.

As a guess, I would say that 1st edition probably only had 1 printing and the 2nd edition 3 or 4 (I forget if this is one of the ones that was recently reprinted i.e. last couple of years).

I'll take a look and see what I have and get back to you.  I have become a bit of a print run collector now.  I even now have 2 different editions of Superbabes (so much for buying an extra for cheap to resell).  Did I mention Simian Conquest arrived today - oh happy day!

I think DTP is the only one with a Monster File but there are lots of other monster books out there.

I just took a look and it doesn't look like I have a 1st Edition of this one.  I have different editions and prints for some of the others but not this one.

All of the Monster Files that I have seen have the centre hole.  Some of their other books also have this so I believe it was intentional.