California to vote on legalizing marijuana

The November election will be interesting for all kinds of reasons.  Among them is that Californians will vote on legalizing marijuana.  Not just medical marijuana, legalizing the personal possession and growth of the weed.  It also gives cities and counties the local option of taxing and regulating the sales, which would, I gather, permit commercial sales.  And right now, the polls look like the proposal will pass, though it will probably be a close vote.  See  California Marijuana Initiative Lead Narrows, Poll Finds | StoptheDrugWar.org.

Also, if California does legalize the drug, Mexico is likely to follow in the hopes of stopping the bloody drug wars by making the traffic legit.

What do you think about this? If it passes, what do you think will be the effect? (A boost in California tourism? The rest of the country will follow suit? Reefer madness? California will elect movie stars as governor, be unable to balance its budget, and its state government will be oblivious to reality?)