Ok, I'm ready to get flamed for this one. Let me don my suit...
I think it should be in the same category as alcohol, if not even less strictly regulated. It's no more a gateway drug than booze, and no one has ever died from it. Drunk people have a feeling of invincibility, they fight, they drive recklessly. Stoned people laugh, eat, and if they do drive, it's at about 15 miles an hour.
People who don't have first hand experience with marijuana think it's absolutely evil, because for years it's been lumped in with heroine, cocaine, and other insanely addictive substances. I used to smoke weed regularly, and when I decided to try and have a baby, I was able to stop with absolutely no withdrawal or cravings. As far as I'm concerned, weed isn't nearly as dangerous as booze or cigarettes, both of which are legal and a huge cash cow for the government. Coincidence, I'm sure.