Looks like they've edited that article pretty substantially since I linked to it. The text I linked was the first line of the article; I guess the moral is (yet again) not to trust the Guardian.

If it's a pledge to the country rather than the monarchy, then I don't have a problem with it. As for the national day: I'd probably spend it grumbling, but it doesn't seem a bad idea in principle.

So basically: yes, you're right. You haven't completely missed something; I have.