It's kinda like Bismark and Kaiser Wilhelm I (Germany 1871-1880ish). Whilst Bismark had the power, the Kaiser had the power of Bismark.
Same here - Blair has the power in this country, but the Queen
can overule him. Though I agree that she's more of a figurehead than an actual ruler.
It'd be quite nice for her to outlive Charles, to be honest. I don't like him much, and William seems like he'd be a better King.
Charles is 60 next year, if anyone's interested.