This question on the topology of Escher games reminded me of a question I've had in my head for a little while now.
Is there anything interesting geometric or topological that can be said about the so-called "impossible staircase"?

Motivation: The other day, I found myself explaining the concept of monodromy (which I myself admittedly do not fully understand) to a layman friend of mine. She took my explanation to mean something like the impossible staircase, which I'm not sure is the best analogy. But it got me thinking nevertheless, and so I'm curious to see if there's anything interesting to say on the matter.

I have seen the impossible staircase used to give an intuitive picture of cohomology. One has a bunch of local pictures (the individual sides of the staircase) and one wants to patch them together into a global picture (the entire staircase), but there's an obstruction to doing this (the implied heights don't match up), and this obstruction is in some sense a nonzero element of some cohomology group. In fact this is more or less how sheaf cohomology is defined, although I'm not the best person to explain in-depth about that.
In fact it seems to me like the impossible staircase represents in some way a nonzero element of the first cohomology of the circle. But I'm not sure how to be more precise about this.
Actually, I think I do know: the impossible staircase can be used to think about the analytic continuation of the logarithm $\log z$ along the path $z = e^{i \theta}$. After traveling along this path from $0 \le \theta \le 2 \pi$ we start from a height of $\log 1 = 0$ and end up at a height of $\log 1 = 2 \pi$. This reflects the fact that $\frac{dz}{z}$ is nonzero in the de Rham cohomology $H^1(\mathbb{C} - \{ 0 \}, \mathbb{R})$ (its antiderivative exists locally but not globally).