I feel there is a place for an unelected presence in a position of power. I can assure you that most of the monarchies throughout Europe take their duties very seriously. Our Queen works tirelessly for the good of the UK and the Commonwealth helping to secure our little island as still a major force in the world. She is a shrewd diplomat and IMHO she's an asset to my country.
Also our monarchy are a potent figurehead during times of crisis and members of the royal family have fought in most of our "real" wars. Not this bullshiit war on terror. Including a King defying Churchill to walk the beaches at Normandy. During the Falklands a Prince was present to live or die with the effort as anyone else on the ships. That is one of their duties.
Charles though, I don't know. He's disliked, but has fulfilled his remit quite well with regards to his charity work and has spoken out, when he's felt he's right, even against public opinion (a freedom that's rarely available to our elected leaders). For example over the environment (Bush would be getting pure stick off Charlie), grotesque new buildings, destruction of historical (now listed) buildings, GM crops and African debt, press intrusion and recently "one size fits all" education in our schools.
However he failed his future Queen (who tragically perished outside the Royal machinery) and broke his marriage vows and I feel he will never be forgiven for that. However, his eldest is a credit, and I feel, a worthy Prince and will hopefully make a good king.
It's not worth throwing this away over one man and his love affair with a moose.
With regards to the cost of keeping the royal family - I think tax and revenue created by the tourist value alone covers their wages. Not anywhere near as many rich americans would come here without them and their history.
Also
The ROYAL Marines
The ROYAL Navy
The ROYAL Air Force
The ROYAL Fusiliers
The Gurkhas
etc etc.. the pride and tradition make our armed forces some of the most feared (outside America) in the world.
We should be proud of this aspect of our country, and it should be respescted by foreigners, as we should respect republics.
Ste