Morally-wise, it's far more relaxed than it was years ago. That much I admit. Again, some games like Saya no Uta were translated and released, that in itself is something (It's worth nothing that game isn't really that extreme anyway). However, laws are enforced and supported by people who believe in them, that's where my approach comes from.
That aside, for the average joe, the difference between weed and loli though is that with loli you are a "potential child rapist", while with weed you are at most a junkee doing softie drugs. The… implications of being pointed as a "pedophile" are way more nasty than that of a person who smokes weed. Now add to this the idea that you are not a consumer, but a producer of content, and you can see why I don't think devs are going to do something like this in any near future. How many people would dare to post in their facebook something like "Long live loli!" or "I'm a proud of being lolicon", like weed smokers and faggots do?
I only played one loli game made in the west, and people outside of chans reacted very negatively to it. The kindlest comment was something along the lines "this is the most sickening game I've ever played, quit it halfway, I hope the police doesn't charge me for it", even when the game is a masterpiece of humor about the whole thing. I can't even understand how somebody could fail to notice that when it was more than obvious, but that just shows one side of it.
>Which is why I'm bringing up things like 3D porn where women appear like little kids being acceptable.
The thing about that is that they "act" like little kids, but they aren't nearly close to feeling like a "little kid" at all. You know, the other day somebody was laughing pretty hard at 4chan/gif/ and linked a thread that had a petite JAV webm in it. Do you know what was the average reaction of the faggots there? "OMG CP, MODS MODS MODS!!!", "THIS IS SICKENING, WOW, I HOPE YOU DIE AND GO TO FUCKING HELL", "YOU NEED TO BE REALLY FUCKED UP TO ENJOY THIS". 4chan nowaydays is filled with normies and your average joe, so I trust that's actually a very reliable source to test how people react to that thing. Just like people fantasize about rape, but that doesn't make rape "okay" for society or morals.