A hot button issue for me. I consider myself very socially conservate, probably not as conservative as many FReepers though. I've gone from pro-legalize to anti-legalize and now I'm at decriminalize. Medicinal I would certainly support because I know firsthand that it can help with pain.
One problem is that you know any form of legalization will be abused badly. OTOH, being illegal, you're giving alot of money to some really bad people, so legalizing would take some money away from them.
So I'm standing at 'decriminalize' and let the police be choosy about who they arrest and let the judge make a judgement call.
I can't imagine legalization being more abused than prohibition.