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I think the Monarchy is the only thing I'd keep about the way the country is governed...although if I were to do things my way they'd have absolutely no say in anything to do with government what so ever, they'd not really even be figure heads. Always handy to have a royal family to do trade with the Saudis though. Oil prices would be much higher if we didn't have Queenie to placate the Middle East.
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Having a royal family sends the wrong messages to the country's population especially since class division is inherent in there being a monarchy. I think the cons outweigh the pros, and I think even without the royal family, there'd be ways to negotiate about things that concern resources. Maybe they have their uses, but they aren't the only option.