I've done my share, and I don't advocate full legalization. There's just too much that can go wrong - some kid at a party who's inhibitions are down and takes too much could be in for a life changing unpleasant experience. On the other hand, in a controlled setting, with controlled amounts and supervision, I think the experience could be amazingly positive for people. The specific thing is to seek out the experience with a reason. Maybe its to break out of a depressive period, or to seek some vision for life direction in a time feeling stuck. Either way, the people should seek an experience they get something out of for their daily life in a safe setting. The blocking of the research to make this a reality has been another destructive part of the drug war.
But as far as legalization of other drugs, I'd be against it. Pot and psychedelics aren't physically addictive, and addiction sucks. Addiction really is a form of chemical mind control, evil stuff. People are wired in different ways, and get addicted to different things. For some (Native Americans esp.) alchohol can be addictive. For me its nicotine. For many (though they've been lucky to not find it out) its crack or meth, once you try, it takes over your brain and you can't stop.
So for me, this is really a time a of drug war reform. I think the wake up call for a lot of people was the bath salts (cloud nine) thing. There are variant of this drug that literally throw people into some of the maddest psychotic states mankind has ever seen, and the stuff is being sold legally as "synthetic marijuana", while REAL marijuana is 10000 times safer, and just makes people mellow. Its clearly time to reformulate priorities, and that's what's happening here. Reduce the waste, zoom in on the real dangerous drugs, I say.