D&D Basic monster summaries
Morale is a rule I still use in my D&D games to this day, regardless of edition. I find it makes combat less exhausting, less time-consuming, and more believable. It opens up options for player character tactics that they normally wouldn't consider when every enemy routinely fights to the death - for example, PCs may try intimidation tactics, parleying (especially when paired with the old reaction rules), negotiating for a truce if things are going poorly for both sides, convincing enemies to surrender and lay down their arms, etc. It also helps to prevent the "five minute workday" issue, since fights don't always exhaust everyone's spells, potions, and hit points.
It also makes a real difference what type of enemy the PCs are fighting. Morale rules make fighting skeletons and fanatic cultists much more frightening, and give players good reason to worry about how seasoned and disciplined their foes are (like the difference between fighting a group of squabbling bandits and a phalanx of war-hardened legionnaires).
If I remember correctly, the number provided is what the monster needs to roll below (on 1d12 or 2d6?) in order to keep fighting after first blood, half of their number being taken out, and so on.