You are right about George III as well. The Americans’ beef was not really with the King but with Parliament, which presumed superiority to the colonial legislative bodies.

One minor quibble perhaps: I doubt that the current Queen was around in 1776. I assume you mean 1976?

It’s arguable that what we know of as Canada, Australia, and New Zealand would not exist as we know them, were it not for lessons of 1770 – 1783.

One of George III’s grandsons was instrumental in setting up the Canadian Confederation.

Queen Elizabeth gave a speech in Boston in 1776, which I think is one of the best explanations for the inability of the British political system to handle increasing autonomy for the American colonies (worth noting that 13 colonies rebelled – there were actually 4 others that did not).

In the big scheme of things, George III wasn’t really a great tyrant. He was a beacon of freedom vs. the French Revolution and Napoleon. Just the British system, in the 1770′s was unable to handle the stress of autonomous colonies – no nation could – which is why there were so many colonial wars for the next 50 years or so. The British learned more applicable lessons than any other power, though.