You are right.. I can see very valid arguments for leaving the EU. I think we'd be up shit creak, but i can see why there is support and a lot of that is the EU's doing...
And I dont think UKIP politician/supporter = racist/xenophobe.. That's discrediting them.
What I don't like is their excuses... Farage is on a personal crusade to get the UK out of the EU and will take any support.. the plant pot defence of the Nazi salute... Taking in people with known NF backgrounds.. They have taken support of the BNP. The party does attract those with racist/xenophobic/homophobic attitudes and if Farage was much stronger and stricter on who the party let in I'd give them more credit.
But I think he's on a personal crusade, and he says it himself, once he's done it he's leaving politics.. and he'll leave behind a dangerous vacuum with many pretty horrid people trying to get the power.