Awww man, my one and only claim to be cool or fashionable, gone
Personally, I don't see why they are so revered - yes, way back when it was all ruling Lords, castles, knights on horseback etc etc and your average dung thrower (such as myself) could hardly string together a sentence; I am sure they were the bees knees. But I expect a lot of that came from religion being the backbone, and 'Royals' were seen as beings appointed by God himself.
These days, to me at least, they are no different from champagne swilling footballers, or rich city folk with flash motors and whatnot - albeit, ones that give to charity. I add that, as I appreciate that the Royal Family do a lot more for good causes, than the majority of us - myself included. Whether it is forced upon them, so as to keep the unwashed masses quiet, who knows - I'll leave that train of thought to the evil lizard overlord conspiracy theorists
I guess I view fans of the Royals like followers of religion - it's all good so long as you don't go forcing it down other people's necks; I won't judge you if you need some outdated archaic *thing* in your life, but respect that others don't.
As for doing away with the Royals - no. I think they bring in a lot of tourism into our country, and for that alone, they should be left to do what they do.