They've been ineffective for us. I've considered having Edmund bring up the idea of changing them to quarterly in the past, or dropping them altogether, but I always get distracted by something else whenever I do think of it. In the middle of all the mess happening now doesn't seem the best time either.
When I added monthly elections for High Lord, we had something like 40-50 players, some playing multiple characters, in Kindara. There is about half that number now, I don't think we'd lose anything by going to quarterly elections.