Yeah, I don't see it as a black and white issue.
The Queen has turned a blind eye to some dark shit, and her "hands off" policy has allowed governments to repeatedly inflict great suffering on her subjects. On the flip side, she's dedicated her life to public service, always seemed about as down to earth as one could reasonably expect from a monarch, and has arguably made a bigger contribution to the good of the nation than any of the political pygmies that have passed themselves off as UK leaders in the past 20-30 years.
My main hope is that a new monarch will take back some of the authority that is his by right and start fucking the government's shit up.
You hope an unelected hereditary monarchy takes back some authority and fucks with the quasi-democratically elected government? Jesus.
My realistic hope for the future of the monarchy would be that they are stripped of any and all constitutional powers and privileges and that our contitution is re-written to effectively become a republic. It'll never happen though.
As for the Queen, regardless of anyone's view of her and the whole system, it's a seismic event in this country, I think. Most of us have never known a life without her kipper on a banknote. It will bring scrutiny and question to the role of the monarchy in this country (hopefully) and it will have an impact on the commonwealth (again, hopefully).
Hopefully the beginning of the end of the circus.