Drugs are bad, Mkay?
With that said, Cops couldn't care less about it, unless you're trafficking pounds of it, or are blatantly using it in public. I don't really care one way or another if it gets legalized since there aren't any major consequences for using. It would probably cost more to buy it, if it were legal and taxed to the nuts, than it is to buy it illegally.
Edit: Obviously, this is from a Canadians point of view. I realize it's not totally transferable to American customs.