can they be bad, yes. But are the possible effects that much more devastating than the long-term effects of tobacco or even the short-term effects of alchohol? Noone has EVER OD'd on marijuana (don't believe your middle school health teacher), but i know plenty of people who have drank themselves into the hospital.
i think legallity would create widespread awareness of personal limitations, and help curve the number of problems.
i'm still waiting for the day when i can go to the Texaco for a pack of joints