At one time I considered myself a monarchist. As an anglophone of mostly British heritage (English, Scottish etc..), I identified strongly with the age-old institution of the monarchy. But over time I have come to reject the concept of royalty unilaterally. What makes Her Majesty so qualified to be the (even the symbolic) Head of so many of the world's nations? Is she not a symbol of imperialism, colonialism, capitalism, and classism, even racism (remember what the Brits once thought of the Irish)? Why is she noble? How is she and her family above the rest of us?
I'm not saying we should necessarily get rid of the monarchy... I mean, as long as we don't have to pay for a head of state then why do so? All I am saying is that we should look upon the throne in the proper context... it's a historical relic with a novelty role in our country today. It represents things that we no longer hold in high regard as a society, but nevertheless it is there as a reminder of our history.
Government is a necessary evil, in my opinion. I don't like the fact that we need one, but we do. So as long as we have one, I think the type of government we have is the best one there is. Overall, I believe it's a better system than that of the US. The Queen is a marked difference between us neighbours, and between our styles of government. She's not harming anyone just by being there, powerless and ineffectual, so let her stay. We don't have to taker her so seriously though... People in the UK don't even do that.