On the HOL, agree largely with what @Pavillionaire and Lincoln Imp have written above.
You only have to look at the house of commons to see that elections don't guarantee quality candidates or a functioning government. It just needs a few tweaks, to abolish it would risk throwing the baby out...
The good news is that William and Harry are both seemingly good eggs and will continue their grandmother's popularity. Hopefully this means the monarchy will be around for a least a generation and we won't have to suffer a power hungry politician being or head of state :thumbsup: