I'm voting for legalization simply because there's no legitimate reason to have cannabis criminalized. I may be a liberal, but I don't like unnecessary laws. Is California ready for this? Sure.
A majority of Californians seem to support the idea, at least. What I'm curious to see is the eventual attack adds against the legislation, a la Prop 8. Very soon there will be blatant, bold-faced lies spread across the California media landscape by interested parties about how marijuana leads to child rape and Satanism and makes you fat. I was actively involved in fighting against Prop 8, but looking back I don't think I fought hard enough. I'm fighting tooth and nail for this one, as practice for the next time something important like equal rights appears on the ballot.
As far as I'm concerned, legalize it, tax it, and smoke em if you got em. I can't wait to run over to Whole Foods to pick up a dime sack of high quality organic weed to relax after work or on the weekend.