NZ needs a new flag?

I've been reading and witnessing a lot of kerfuffle recently about why we need a new New Zealand flag. I've also been asked for my opinion from friends and acquaintances alike. It's not something that I had given much thought to over the years, and certainly not something that has warranted much allocation of grey matter towards. However in recent times, the level of discussion around this topic has only increased, and one of NZ's top media outlets has taken it upon itself to start asking for submission for alternative NZ flags from it's readers. TVNZ Close Up also had a viewer phone-in poll to select between 3 alternative flags. So what's all this about? Do we need a new flag?
If there's one thing law school taught me, it was that I need to begin any 'opinion' I may have on a contentious issue with the words 'it depends....'. So..

Do we need a new flag? It depends. If I look at the site NZflag, arguments espoused by those that take the affirmative position in this debate, I could sum it up as follows -

1) The current flag isn't flown much because it doesn't resonate enough with Kiwis.
2) The current flag isn't unique enough.
3) The current flag doesn't have much 'brand' impact.
4) There is not enough emotional connection to our flag
5) Current flag is poorly designed.
6) Other symbols than the Union Jack can represent and honour our past too.
7) Current flag isn't instantly recognisable and symbolic.
8) A new flag reflects our changing times - our independence and self-determination.

The arguments in opposition are -

1) Why bother? It's just a flag. There no need to change something that does not tangibly effect our daily lives.
2) The current flag has a lot of meaning and symbolism, and reflects our heritage and historical roots.
3) Many have fought, and died under this flag and changing it would be a form of dishonouring their sacrifice.
4) There are no alternatives that we can all agree on anyway.

I'm sure there are other arguments pro and con on this topic. So going back to my view...

I think we need a new flag. However, I would only support a new flag if our political reality changes. So long as Her Majesty the Queen Elizabeth is our Head of State as represented in New Zealand by her Governor General, there is every reason to keep our current flag. It accurately reflects our legal reality. I agree whole heartedly with those that counter that it does NOT reflect the actual reality of our situation in NZ - but this for me is not an argument for a change of flag. Rather, this is an argument for a republic. You can not on one hand claim that we need a change in identity as can be reflected in a flag and have in effect an independence, and claim self-determination whilst on the other hand defend the right for the continued existence of a monarchic system with the Queen as our head. Either we are independent, or we're not. Either we're Her Majesty's subjects, or we're not. And if we're not, are we not a republic?

The Aussies seem to have got this one right. The discussion there is not about their flag - it's about whether or not to be a republic. Why is the 'R' word so dirty in NZ?
The Maori claim a special relationship with the Queen - that began with the signing of the Treaty. Their fear is that a republican NZ, would not be so deferential to a treaty signed with the Queen of England, and Maori rights claims would suffer adversely as a result. I contend this is not ipso facto.

I will not be supporting the change of NZ's beautiful flag, unless we become a republic. Which we should. Therefore, we should change the flag too.