What are your thoughts regarding an implemented caste system within a society? For instance, India has a loose caste system now:
The Vedas and Shrutis emphasize the equality and fraternity of all human beings.
Casteism as a social institution is a man-made one and has no basis in the Vedas or Shrutis or spiritual teachings of Hinduism, and its present version actually contradict and violate the Shrutis.
The Vedas emphasize the equality and fraternity of all human beings. The Manu smriti that brought about casteism was of man-made origin and had nothing to do with Vedic religion. This was perhaps necessary at a certain time period as with feudal systems elsewhere ( as in Europe and Japan) but became obsolete with time, and should have been changed as the Smritis are supposed to be temporary structures.
The smritis, or man-made laws and customs regulating society, can and ought to be modified with changing times and circumstances for material progress in line with new methods and innovations. Negligence in this regard is the cause for deterioration in material standards.
This is why the Arya Samaj, which are based solely on the teachings of the Vedas, rejected casteism entirely. It is interesting to note that they also stand for gender equality and empowerment of women.
S.Radhakrishnan praised Swami Dayananda Saraswati ( founder of Arya Samaj) for taking Hinduism back to its Vedic foundations, and drew a correlation between his teachings and reforms in the Indian constitution.
Buddha, Mahavira and Guru Nanak too criticized casteism and emphasized the equality and fraternity of all beings.
Would you live in a caste system? Why or why not?
It depends on the situation and circumstances, and social-political systems are tailored to them. Feudalism, democracy or dictatorship could be right under the right circumstances in a given situation.
At present , India has democratic structures, which hold casteist discrimination punishable under its laws. Inter-caste and inter-religious marriages are common in urban India, and to some extent in rural India showing the displacement of old values by new ones.