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But with controls similar to alcohol, maybe even a bit stricter. I would hate to see everyone growing six dozen plants in their yards... it really does make the neighborhood reek. Limits of 1 or 2 plants per household. Limits for legal possession (maybe under

z. for personal use). Fines for unauthorized sales (don't want everyone & his mom to become dealers - make sellers get a license). Big fines or jail time (repeat offenders) for selling or giving to minors. Tokers may need to be licensed too - then the license can be revoked for DUI or illegal selling or whatever.
Part of the problem is that weed is easier to hide than booze and young kids could more easily use & hide weed. I'm talking like <14 or so... their brains are still developing and too much weed or alcohol can create lifelong problems.
The thing is that there is so much shit that would revolve around legal weed that it becomes a huge mess. Look at the situation in Cali now... it's creating massive social problems even though it's small scale and regulated.
Real, meaningful legalization is going to have to move step by step. Start with decriminalization of small amounts for personal use. Keep it like that for a couple of years: study how people use the herb, demographics, volume, etc. Watch the statistics re: arrests, medical problems, weed in schools, etc. Then move to the next level.
Again, as an herb smoker I fully support eventual legalization, but for now I'd just be happy if the man would just leave me alone!