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Advantages of a constitutional monarchy:
Stability. The head of state is appointed for a very long perdiod of time, usually until she/he abdicates or die. This gives the country more stability in comparison with republics where the head of state changes every few years.
Education. In a monarchy, the future head of state is known from birth, therefore she/he is raised and educated accordingly. Monarchs are usually well prepared for their role and enjoy a priviledged multidisciplinary education.
Neutrality. The head of state is not a politician, therefore is not tied to any particular party. She/he can ensure neutrality and balance while in power.
No election cost. In many countries, the campaign to elect the head of state can be very expensive. In monarchy, succession has little costs.
Less corruption? Advocates of constitutional monarchy claim that knowing you will serve for a life term reduces the risk of corruption, while an elected politician may feel the urge to take advantage of his position knowing it will not last. Presidents may have shorter term goals and incentives, while the monarch may care more about the long term. After all they want their children to inherit the throne and don't want them to have to face a complicated future.
Disadvantages of a constitutional monarchy:
Lack of democracy. The head of state is not elected and inherits the position. The citizen have little to say about who will reign, although in most constitutional monarchies the monarchs needs the approval of the Parliament, and therefore, indirectly of the people this institution represents.
Not every monarch is competent. The head of state may have been prepared to reign, but this does not guarantee that this particular person is suitable and competent for the position. HIstory is full of incompetent, arrongant, tyrannic or careless monarchs.
Monarchs are people; therefore have personal beliefs and political preferences, often they are quite conservative. Their views and beliefs may be at odds with those of the majority in their country.
Royal families often have a very expensive lifestyle. In addition to the king or queen, other members of the royalty also receive public salaries and perks. Moreover simply organizing their trips and security is very costly. Although we should keep in mind that presidents and prime ministers in republics are also costly, sometimes more than monarchs.
More corruption? Sometimes justice is permissive with the abuses of royal families. They are somehow protected because it is not in the interest of the country to see their figures delegitimized. However, this also creates an incentive for members of the royal families to abuse sometimes their status.
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