As of today, most of the countries have adopted more democratic forms of government and the reminiscence of the monarchy is bittersweet with all its pros and cons.
Monarchy, while having its fair share of advantages, is still not accepted by many due to the amount of power given to a single person. Hence, it is the nature of this one person that determines the fate of the nation. With good, all shall prosper. With bad, even the great shall fall.