As written, monks could use that to apply three stats to AC. Monks are MAD, so it's unlikely to be a large bonus, but it could be. I heard barbarians can apply Con to AC, but I've not seen one in play, so I'm not sure.4e had this same feat, but forgot to make it a bonus feat for monks and avengers (who essentially had this as a class ability), so you could double dip that way.
In general I don't like the idea, because the numerical bonus is too "soft". Max +5, minimum ??? I think monks should drop the Wisdom bonus to AC and just start with a higher bonus instead.
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