I've read some responses touching on the same issue, but my point is different enough that I thought I'd do my own.

I believe that posession of child, or any other kind of pornography should be legal. I don't have enough information to decide whether the actual making of child pornography is harmful in the long term to the children, but I believe that having easy access to it would allow would-be child molesters to limit themselves to viewing things that have already happened and can't be undone.

I would say that the prominence of hentai and lolicon in Japan is a smaller step in the same direction, and seems to have worked well there.