As far as legalizing it, as long as there are policies/laws and a tax system in place (I'd rather tax the hell out of it than my personal income or gas), I see no reason why not to legalize. What I see happening is taking existing smoking/drinking laws and combining them to create marijuana laws. So for example, if you can't drink on the job, you can't smoke on the job, or show up stoned. If you can't smoke a cigarette in a certain area, then obviously you can't smoke pot there. Its really just common sense stuff. I really think that the mindset that legalizing will cause a massive collapse of society is just retarded. Some ideas for laws and such would be:
-21 and up
-DUI laws apply to marijuana. Can't pass a field sobriety test, go to jail.
-Require same zoning as liqour stores
-Sells and distribution fall under same regulatory organization as alcohol (in Texas its the TABC)
-Criminalize the 'bootleg' market (combined with competitive pricings. who wants to go to jail for an once of weed that costs about the same as it does at the store?)
The benefits has already been discussed before. Smaller jail populations, increased tax revenue, etc. Anyways, just my $0.02,
-Eric