I've already elaborated in the Venezuelan Megathread in A&H about the socialist aspects of Scandinavian social democracies, which happen to be quite familiar to me. All in all, I must say that while this system is nowhere near perfect, and in some ways it's too regulated, it's still the best form of government that has probably ever been created, as it ensures that no-one dies of hunger, lack of housing or easily-curable diseases, and it provides equal opportunities in education for all, regardless of their economic background. Of course, this comes with somewhat heavy taxation, strong social conformity and some very questionable practices like state monopoly in alcohol, which I don't necessarily endorse.
If something, the worst aspect of this kind of society is that it is boring as fuck, as you can practically go to the worst part of the worst "ghetto" we have and be quite sure that you walk away undisturbed(this statement is not applicable to Sweden, though), which in essence means that most of the citizens become somewhat distanced from the reality that the world in general can be quite dangerous and unforgiving place. Other very large negative aspect of this is that it makes the society at large quite stagnant and static, as most people will rather take the easy way provided for them by the state, and are averse to risk-taking or any kind of change, which is after all necessary for any kind of cultural evolution to happen.
So, in essence I currently think that full-on socialism is just as shitty option as most of the people in these forums, but combining certain elements of socialism with regulated free market seems to yield better outcomes than pure, unregulated capitalism does. That is, if we measure those outcomes in the practical material well-being of the average citizens.