Canada's Supreme Court has made the right decision, which is that prostitution cannot be banned. Not only from a sexual liberation perspective, but also from a practical one. As long as wage labor exists, prostitution will, and it's better to regulate and protect both prostitutes and johns than forcing it underground, as proven again and again.
The problem, aside from opinions on it, is how to have prostitution as a job. It has to be taxed, but getting around anti discrimination laws in business without forcing women to have sex with people they don't want to (which would be rape) could be problematic. Like in porn, you could have contracts, but if it were common, as it would be with prostitution, I would worry about women being Encouraged into acts they don't want to do.
In my opinion, the majority of women would only 'choose' to prostitute themselves out of necessity. Being payed by a man (or anyone for that matter) to have sex with them is not sexual liberation at all. Being sexually liberated is having sex put of CHOICE, for you own benefit.