The principal argument against the republic is it results in a president as the head of state.
In the last Republican debate in 1999, the Republican movement split between those who wanted an appointed president and an elected president.
An elected president would quickly get ideas above his station because of the popular mandate. Imagine Dick Smith as president.
It would be a good pub quiz game to list the people would be wholly unsuited as president but would be likely to be elected. Boring people such as those who currently occupy the position such as judges and retired military would not have much of a chance of being elected.
The Irish president, for example, is elected but is completely circumscribed in powers. The only power they have to exercise independently is whether to dissolve parliament after a motion of no confidence.
Utopia, you are standing in it! 
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