Rick Perlstein's piece on Reagan should be required reading.
It is a quirk of American culture that each generation of nonconservatives sees the right-wingers of its own generation as the scary ones, then chooses to remember the right-wingers of the last generation as sort of cuddly. In 1964, observers horrified by Barry Goldwater pined for the sensible Robert Taft, the conservative leader of the 1950s. When Reagan was president, liberals spoke fondly of sweet old Goldwater.
Nowadays, as we grapple with the malevolence of President Bush, it's Reagan we remember as the sensible one.
Reagan was a psychotic man who nearly blew up the world and used paranoia and fear to change our culture and government in horrible ways. He also wasn't particularly popular, though as a politician, he's worth admiring for his raw political skill. Conservative ideology is based on greed and fear. There's no such thing as a good conservative leader, period. It is a fundamentally bankrupt, corrupt, and fraudulent ideology, and there is nothing laudable about people like Reagan who tap into the worst of America.