Yes, the gov't would tax it, but there would be no risk in selling it, so that naturally would drop prices. Either way, i'd grow my own. And as for the "novelty" thing, i agree with you, except there are problems with keeping it illegal.
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Currently when i toke, the fact that it is illegal makes me savor every last breath of smoke.
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I'm sure you'd savor every last breath of fresh air you could if you were gonna be locked up in prison because of your cannabis smoking. There is something about smoking it while its illegal that makes it kinda special, but its not worth locking up 700,000 people a year.