i have a Coach bag that I ordered from an employee loyalty catalogue that my dad was given. (he didn't work for coach. he works for a Texan HEB chain and was given the catalogue for working 20+ years).
anyways, the bag came monogrammed with my initials. so i think coach may have been doing this for a while already.
There are a couple of bags I have that I know I will never get rid of that I would love to have this done too. Then I have a couple of bags that well I know I will get bored with soon and it wouldn't pay to have them done because then I couldn't give them away or sell them. So if I had this done it would have to be something I knew I was going to love for a very long time.