I've only just found this brilliant thread so thought I would post my view on the subject. Although the last post was almost a year ago, I think the topic is a relevant one!
For me, abolishing the monarchy in Great Britain and becoming a replublic would be much the same as abolishing the US presidency and replacing it with a monarchy...why would anyone do it? The system of monarchy in Great Britain works just as well as the system of being a republic (if that is the right phrase!). Both systems are democratic, the people of such nation are free to vote and so what needs changing? However, I do think that the Head of State of any country needs to be a
unifying entity and needs to be
non-political (and therefore less controversial). In a republic, I prefer the systems adopted by countries such as Iceland, Ireland and indeed Latvia where the president is a figurehead and symbolic. That way, the Head of State represents the people of the nation rather than just a political party they represent. In general, I prefer the system of monarchy because the Head of State again is a unifying entity and a non-political symbol representing all the people,
not just those who voted for them. When a political Head of State addresses the nation and tells the people which political party to vote for, it makes me feel really uncomfortable because where is the unifying, wholly representative element in that? Many republic supporters like the idea of being able to vote for their head of state. Yes, it would be very democratic to vote for a president rather than "make do" with whoever is on the throne. But what happens when the candidate you vote for doesn't get in?! Are you really comforted by the fact that at least you had the chance to vote and can do so again in 5/7 years time with the vain hope of eventually having the Head of State you want? The other questions to ask is who would want to become a Head of State and more importantly why? Would we be comfortable with an ambitious individual setting their sights on the top job by any means available to them?
By saying this, I do not mean to rubbish the institution of presidencies because they are mostly long established and work perfectly well. I mean it in the context of why in Great Britain would we need to change the present system (another view might be why would a republic want change back into a monarchy?
In a world where there are so many political changes, good and bad, I think some consistency and basic grounding to which society can relate to for familiarity and security is beneficial to society.