The best ways to look at it and to try to decide if it should be legalized is to break it down and look at the pros and cons of it.
Reasons to keep it illegal:
It's a gateway drug.
Not true. There is no scientific evidence that smoking marijuana is linked to taking harder drugs. Marijuana smoking generally precedes the use of harder drugs, but that's because it's the easier drug to get. If we used that logic then cigarettes and alcohol are the true "gateway" drugs because teens generally smoke and drink before they get high.
It makes people stupid.
Not true. It lowers reaction speeds and can lessen cognitave reasoning slightly, but the image of the mindless stoner is a hollywood myth. Pot smokers exist in every industry and career in the world. They function smoothly and without idiot stoner mistakes.
Legalizing it will make the workforce unproductive.
Not all stoners are lazy. Most are productive members of society. If it was legalized workplaces would still have the right to deny you to smoke while you worked, much like alcohol. Some people would abuse that privelege (just like they do with alcohol), but those are the same people who are already doing it.
It cause health risks
So does overeating, alcohol, cigarettes, cell phones, car fumes, not excersizing, caffeiene, and some forms of dieting. We live in a country where we're allowed to harm our bodies as we see fit. Why is this one form of poison not allowed in our systems while so many other are?
It's an addictive substance.
Not true. There are no scientific studies that prove that marijuana is an addictive substance. Nicotine, caffeine, alcohol, and opiates are the most highly addictive substances in the world, and they're all legal here in the US.
Reason to legalize:
Taxes
California made over 15 million in taxes last year from medical marijuana facilities. The federal government made even more than that. If it was fully legalized, Cali predicts they'll make BILLIONS in taxes. The federal government will make even more, because federal taxes are always higher.
Job creation
We'll need new jobs for regulation, sales, growing (small grow setups won't survive) distribution, and marketing (although it pretty much sells itself). Small hometown operations will survive making high quality products, while major nationwide corporations will sell wholesale products. There will be thousands of new jobs created, making even more income taxes.
Savings
The Government spends billions on the "war on drugs" right now. Much of that could be saved if we no longer needed to hunt down growers, sellers and users. We'd also save all the money wasted on the persecution and incarceration of criminals involved with the sales and use of marijuana. So in addition to the billions in taxes we'd make, we'd save billions as well.
I'm all for legalizing it and creating an entirely new economy. Or we could keep having people break the law to do it, and spend money to try and stop them.