To be honest, it's not as bad as I sometimes make it sound.
Malema's a concern, but the EFF wasn't close to winning any significant share of power in the last elections ( though it was their first one as an option) and while the ANC likes to talk about 'the struggle' and has occasionally descended into recitations of violent, racist songs in an effort to get the poor masses behind them, they know they wouldn't have any money to steal if they actually got rid rid of white people.
Most of the Apartheid-era institutions are still in place (strong constitutional court, banking infrastructure and stock market) private security is better trained and armed than the police forces, and the country is one of the cheapest to live in in the world. We don't have religious extremism because ancestor worship and Christianity seem to get along side-by-side just fine, and while the crime is crazy, the country's crime stats are not at all representative of my reality as a middle- to upper-class South African.
We're politically aligning ourselves ever closer to Russia, China and, more recently, Saudi Arabia, so those are things to continue keeping a wary eye on, and our relationships with other African countries are not as strong as I think they should be.
It's just hard to know how many of the desperately poor and uneducated Malema's rhetoric is swaying, and the best benchmark I have of that are election results. He hasn't been an independent force long enough for history to tell me much on that front, so he makes me a little nervous because of that.
He's also been on a kick lately, talking to Al Jazeera about mobilising the people against the government, and making Gauteng province 'ungovernable' if the upcoming municipal elections don't go his way:
http://www.news24.com/SouthAfrica/News/we-will-run-out-of-patience-very-soon-malema-20160421
He's mostly talk, but dismissing him out of hand would probably be unwise, especially since he does seem to have a fairly strong following.
The biggest danger a guy like him represents to the country at the moment, i feel, is in the psychological effect he has on the middle-class population.
Both black and white, South Africans with money are more and more often using it to get out because the president doesn't know what to do with an economy, and guys like Malema stop just short of advocating civil war. The more the middle- and upper-class is scared away, the more likely it is that the country descends into the worst-case scenario they think they're running away from.
The South African middle class panics easily, whites most of all, I think because we're a minority and that status seems to make people even more nervous in the face of uncertainty.