Montriond, as a town, is more suited to families or those looking to provide their own entertainment. There's nothing happening on an evening, and there's only one restaurant to try. It's quiet.
There is of course a good deal going on in Morzine: you have big choice of restaurants, bars, pubs and shops. Getting to Morzine during the day is simple. The buses are both regular and free, and it's not far at all. Unfortunately they stop at 6pm, with no service at all during the evening. Taxis are available and walking is possible - the journey on foot is between 30 and 40 minutes, depending on where you're going.
There's a good range of traditional, alpine-style accommodation in Montriond, ranging from bed and breakfast to group sized chalets. With Montriond being more remote than Morzine you may find a cheaper deal.