We have a custom setup which has several daemons (web apps + background tasks) running. I am looking at using a service which helps us to monitor those daemons and restart them
I haven't used monit but there are some significant flaws with supervisord.
This means you can't just execute /etc/init.d/apache2 start. Most times you can just write a one liner e.g. "source /etc/apache2/envvars && exec /usr/sbin/apache2 -DFOREGROUND" but sometimes you need your own wrapper script. The problem with wrapper scripts is that you end up with two processes, a parent and child. See the the next flaw...
If your program starts child process, supervisord wont detect this. If the parent process dies (or if it's restarted using supervisorctl) the child processes keep running but will be "adopted" by the init process and stay running. This might prevent future invocations of your program running or consume additional resources. The recent config options stopasgroup and killasgroup are supposed to fix this, but didn't work for me.
I recently setup squid with qlproxy. qlproxyd needs to start first otherwise squid can fail. Even though both programs were managed with supervisord there was no way to ensure this. I needed to write a start script for squid that made it wait for the qlproxyd process. Adding the start script resulted in the orphaned process problem described in flaw 2
Sometimes when a process fails to start (or crashes), it's because it can't get access to another resource, possibly due to a network wobble. Supervisor can be set to restart the process a number of times. Between restarts the process will enter a "BACKOFF" state but there's no documentation or control over the duration of the backoff.
In its defence supervisor does meet our needs 80% of the time. The configuration is sensible and documentation pretty good.
If you want to additionally monitor resources you should settle for monit. In addition to just checking whether a process is running (availability), monit can also perform some checks of resource usage (performance, capacity usage), load levels and even basic security checks (md5sum of a bianry file, config file, etc). It has a rule-based config which is quite easy to comprehend. Also there is a lot of ready to use configs: http://mmonit.com/wiki/Monit/ConfigurationExamples
Monit requires processes to create PID files, which can be a flaw, because if a process does not create pid file you have to create some wrappers around. See http://mmonit.com/wiki/Monit/FAQ#pidfile
Supervisord on the other hand is more bound to a process, it spawns it by itself. It cannot make any resource based checks as monit. It has a nice CLI servicectl
and a web GUI though.