In reference to some of the comments on the last thread regarding whether or not Spaniards are monarchists—some posters seem to think that it's a question of Juan Carlos as a person versus Felipe as a person. It is not. Many people in Spain viewed the parliamentary monarchy that was established after Franco died as a compromise, not as an ideal—this is a philosophical and ideological issue, not a "personality" issue. Spain's political history in the 20th century is highly complicated and highly volatile, and many of those same issues still linger in the contemporary political scene. Some people think the establishment of the parliamentary monarchy was good for what is known as "the transition" (from dictatorship to democracy) but that it is time for another transition. Unlike in other European countries, there are also regional political parties in some Autonomous regions interested in all out independence. As an interesting aside, Spain's political structure is considered one of the most, if not the most, decentralized in the industrialized world.
The complicated and fascinating political situation in Spain is why I personally find it so interesting to watch Felipe and Letizia—they have very real political and social issues to navigate that are quite complex. Looking pretty in a fashionable hat is insufficient and meaningless in such a situation. Unlike with some crown princely couples in securely established monarchies, being nice and looking nice is not enough--Felipe and Letizia simply don't have the same leeway, they have very different pressures from some of the other couples and they need to work seriously in the public eye and behind the scenes to consolidate the parliamentary monarchy as the governmental system of choice, without ever seeming to do so. It's a difficult, fascinating and very very serious challenge.