Seriously?
Fuck that.
First of all, Federal Law > State law. That being said, pot will still be illegal under FEDERAL law. State law doesn't really matter. The DEA can still come in and fuck you.
Second, why would you want to put all of your dealers out of a job? Not only that, but let big tobacco companies jump into an industry they've been waiting to open up and destroy it by putting things like tar and formaldehyde into our weed.
Third, sure the tax revenue would be great, but it wouldn't have any effect on the California budget for at LEAST another 10-15 years seeing as it would take a while for all of the dealers to actually start paying taxes if they choose to. Most people will just dodge taxes like they do now.
So really, prop 19 just makes California look like a dirty hippy state full of potheads that like taxed, shitty weed.