That is certainly a fanciful artist's impression...
And no, these are not true magnetic monopoles. A true magnetic monopole would be a particle with magnetic B field that everywhere points radially away from the center, and consequently violate Gauss' Law. What physicists are creating in these kinds of experiments is a system which exhibits behavior mathematically similar to a monopole (a good description requires a more solid understanding of E&M and tensor math than I possess). But in short, it is not a particle, and a compass needle would not respond to it.
I can't imagine any practical use from this, but for theoretical physics it is very exciting. Analogues of magnetic monopoles have been created in the lab throughout the last decade, but until now we could not study them individually.