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Some of your initial thinking is certainly right. A two-party republic has checks and balances, making it harder to get something done. A monarchy just says "make it so" and it happens... right up until a revolution.
The thing about a monarchy is how the people must believe in their right to rule. It may be religious but it can also be based on social caste.
It seems to me that in the future, barring apocalyse, more people will believe in the essential equality of all men. I think that is an consequence of widespread education, connectivity (internet), and less reliance on man-power for tasks/jobs. I do not see how a monarchy can flourish in that future. On the other hand, I can see global corporations forming an oligarchy. If a small group controls space flight, advanced medicine, advanced power generation or any similar technology they could gain considerable power and take the place of regional governments.
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