What are the pros and cons on limited monarchy?

The desirable aspect of limited monarchy is that it perpetuates a tradition that many people love and respect, thereby making a society more cohesive, and if you play your cards right it can help to encourage tourism. The undesirable aspect is that monarchy of even a limited kind is fundamentally undemocratic. We do not really believe that there is such a thing as royal blood that makes some people inherently better than those with inferior blood. That myth is long discredited. So the institution is basically archaic and outmoded.