What is the significance of the Monitor vs. Merrimac?

The battle between the Monitor and the Merrimac (This was
the ship's name when it was a US Navy ship.  The CSA renamed it the Virginia) was the
most famous naval encounter of the American Civil War.  It is important because it
showed that the era of wooden ships was coming to an
end.

This battle happened in March of 1862 at Hampton
Roads, VA.  It was significant because it was the first time that two ironclad ships
ever fought each other in a battle.  Most ships of that time were made of wood.  These
two, however, had iron plates on their exteriors, effectively armoring them against
cannonballs of the time.

This battle is mostly significant
because of its impact on naval technology of the future.  As the link below tells us,
the battle

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convinced naval experts around the world that the
era of the wooden warship was over. It also persuaded the North to use its vast
factories and shipyards in the production of additional ironclad ships. As these vessels
were put into service, the Union was able to further strengthen its control of the
seas.