I saw a cyclist roll through a pedestrian crossing with people in it on his side of the road at the intersection at the end of my street. I rolled up to him in my car at the next light and told him he was breaking the law. He asked "but is it safe?". The implication is, with this leading question, is that he thought it was safe to do. What he didn't observe was the car behind him not slowing down for the pedestrians because they were watching him.
Stopping at a crosswalk, or yielding right of way, is an important rule because it gives VISUAL indicators to other drivers of nearby vehicles. It's a backup mechanism for safety at times. Rationalizing laws don't apply to oneself because they cause delay do not include the fact it the action may also be the difference between life and death - for someone else. Are we really going to rationalize away the fact driver may float lights more if they see bikes doing it as well?
The way Davis, CA handles this is to install special lights for bikes. I would assume they thought through it and decided floating lights is bad.
For the last 4 years, up until a few months ago, I had been riding at least 5-6 hours a day on fairly busy roads. I've seen a lot of shit that people do as a result of other's actions, including bikes, and I do NOT think bikes should be precluded from obeying traffic laws, especially when the only point to it might be to speed up a bike commute or "save energy". Whatever that means.