I remain fascinated by its ambiguity. I'm a republican (not that it keeps me awake at night) and there's just enough overt and implied critique to keep me watching without feeling like a gullible idiot. On the other hand, I can imagine staunch royalists loving it too (partly, I suspect, because it hardly ever criticises Madge directly). The narrative structure and aesthetics (lavish attention to detail, fetishisation of the symbols of monarchy) are both conventional so, in that sense, it's deeply conservative. I'm still enjoying it though (episode 4 next)!