This year is the Queen of England's Diamond Jubilee. Right now, more or less, are the main celebrations. Despite being British, I really don't care. Indeed, I am a republican, in the sense of being opposed to monarchies. There is simply no reason to raise some family as special simply on the grounds of their heredity. There's no magic that makes the Royal Family intrinsically bettter than me, or anyone else.
Sadly, for me, most people in Britain seem to have a different opinion. The celebrations have been highly popular, just like the Golden Jubilee a decade ago. Part of it is the great trick, where by being British get's wound up with obeisance to the nobs. In this way, people celebrate the jubilee as part of celebrating being British. I'm no big fan of patriotism, either, but it does seem to be a natural human response (and harmless in small doses at sporting events).
There are plenty of European countries who manage quite well as republics. I think we'd do well to copy the German model, where the head of state remains a largely ceremonial position normally held by a non-political figure. Then we could prove just how pathetic we are to world, by naming Beckham as our new president.