Why wouldn't it?
Why would it?
How much of a Richard Cranium is your DM feeling toward monks today?
Basically, there is no reason they shouldn't, unless the DM has it in for monks in which case it doesn't. As it's hardly overpowered for the monk to effect incorporeal creatures at a level at which most other combat types have a +1 weapon, I always say go for it. I say if it counts as magic, then yes, it's magic and can effect incorporeal things as that's kind of the point behind it being magic to effect things it would not otherwise effect.
Amen, brother
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I think I can guess the answer to this, but I would like to make sure.
A monk with Ki counts his unarmed strikes as magic for the purpose of overcoming DR. This does not count against a ghost's incoporeal nature. Correct?
This was a subtle change from 3.5 that I noticed.
(From the incorporeal ability listed in the Bestiary):
It can be harmed only by other incorporeal creatures, magic weapons or CREATURES THAT STRIKE AS MAGIC WEAPONS, and spells, spell-like abilities, or supernatural abilities. (Caps is my emphasis)
So this makes monks able to strike incorporeal creatures since the incorporeal ability specifically calls out creatures that strike as magic.
However
This still hurts archers since the arrows fired are only considered magic for purposes of overcoming DR. Hope you've got magic arrows!