I like the monarchy as it is now. They're a head of state with no real power who can basically present a nice public "face" for the UK and the Commonwealth to the outside world. They're basically Britain's PR firm, and they're doing great.
Can you imagine how much better we in the US would look if, instead of having the flaming pile of orange-haired shit representing America to the world, we instead had a mild-mannered, smiling diplomatic dude whose only job was to represent America and not screw up? Man, we need to get ourselves a powerless King, we'd look way better.