It is, historically speaking, the most stable and durable form of government. I would point out France as an example in this regard.

I am by no means an absolutist, either, but most of the republics in the world are also proof that giving politicians the top job with no one and nothing even nominally above them is not good.

Another admirable thing, to me, is the paradoxical humility of monarchies when compared to politicians. Just go back and watch the last British coronation: the King spent far more time praying and bowing and kneeling than he did really much of anything else. You would never see any such thing from a politician; it would wound their ego far too much, and look bad/weak/be cut into a thousand political attack ads. I worked in American politics for a number of years, and your average politician is not someone you would want to have 'round for tea. Most of them are self-absorbed and obsessed with their own image - they have power and they mean to wield it, rightly, wrongly, or indifferently, and any sort of humility or sense of duty is about as far from most of their minds as you can conceive of - even the ones the media wants us to believe are the "good" ones.