It'll probably be legalized here in Canada within 10 years. Hardly anyone is prosecuted for it these days...
I wouldn't light one up walking down the street, for the same reason I wouldn't drink a beer on the street. Probably just chill on my porch with a few buds (pun intended ) and pass a fat one around....
...which isn't that differnt from what I do now (although infrequently). Only differnce is I wouldn't worry about one of the neighbors smelling the stuff.