Republic.
There is nothing special about the royal family in this country or any other country. They do not have "blue blood" or any other outstanding qualities, such as intellect or a higher degree of morality. It is commonly accepted that royal families originated from the most powerful warlords who ruled by fear.
In my view, the existence of a royal family entrenches the notion of entitlement and privilege. It is maintained by way of constant propaganda and stage-management of various events. We laugh at North Korean or Thai people for their fawning adulation of their rulers. (Admittedly, should they indicate any sort of opposition there would be a price to pay. Fortunately, our royal family does not command that sort of power any more - but it did, and it used it.)
I find it amazing and depressing that some people are willing to camp out all night in all weathers just to catch a fleeting glimpse of someone they don't know and who has shown no inclination to want to know them.