Well, I'm a (small r) republican myself, but to be fair Phil the Greek did see quite a lot of shooting during the Second World War, and did get a couple of decorations out of that.
Andrew was in the Falklands, and wosisname the helicopter pilot saw Afghanistan and actually does a useful search and rescue job. Not sure to what extent they earned any of those decorations or their ranks though.
As for the rest of the tasteless bling, lots of it is in "the personal gift of the monarch" and if you can't force your family to appear in public looking like a cheap Christmas tree ornament what's the point of being Queen?