The British monarchy may look good from California, but you try living under it. Even the discussion of a British Republic is officially taboo in the House of Commons. The British are treated like children. They can be prosecuted for defending themselves and are expected to look up and admire the Queen.
Clinton may have been a sleaze, but at least you can get rid of him. If it hadn't been for Edward the VIII falling in love with Wallis Simpson and abdicating, then we would have been stuck with a king who sympathised with Hitler and believed that Britain should sign a non-aggression pact with him. What would have become of us?
The U.K and Canada are lucky to have a Golden Jubilee to celebrate this year. If only we Yanks had someone we greatly revered around for 50 years...
You assume we revere it, perhaps you Americans do, but I don't and my Father who served in the British army doesn't. In fact, many British soldiers don't and prefer to ignore the part of their oath of allegiance which says "for Queen". Usually they tell themselves that they are serving for their families and friends.
Personally, I'll celebrate when the House of Lords are gone and we can choose our own head of state. Of course, a written constitution would have to be drafted carefully. But I'd rather have some rights set down in stone than have them eroded whenever the British government has a good excuse.