This basically my position too. I think the concept of a stable and politically neutral head of state makes a lot of sense.

For me it's more the out dated ceremonies and the displays of wealth that I don't like. I think if the monarch just lived in a nice country house and deprecated silly things like the Crown Jewels and the Royal Carriage then I'd be completely fine with them.

I think it's the "royal" part of the monarchy that people oppose rather than the system itself.