Advantages
A common feature of governments based on the UK system is that the Head of State is separated from the Head of Government. The monarch can therefore serve as a head of state and represent the country while the day-to-day running of the country is carried out by the government, with the Head of Government being the Prime Minister.
Another good reason is that having a monarchy can stop collapse of the country. In 1981, the Spanish Government were taken hostage in a coup; King Juan Carlos responded with a televised speech denouncing the coup and urging people to stand up for their democratic government; soon it was restored. Thailand avoided two similar attempts around that time thanks to their monarchy.
Disadvantages is that it can cost money to keep and often serves no apparent purpose other than to keep traditions going. Some monarchies have existed alongside fascist dictatorships, such as in Italy.
I can see the advantages of a constitutional monarchy, but all I can see is disadvantages if presidents were elected for life.
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