Maybe I'm being overly conservative, but I don't think so. I think I'm being safe...
I rode to work this morning, and I was stopped at a red light with a line of cars when another cyclist rode up next to me, said good morning, and then promptly blasted through the red light. After the light changed, he was still ahead of me, and I could see that he was quickly approaching another red light. This time he turned right at the light, pulled a U-turn, and turned back onto the original road, circumventing the stop light.
It really annoys me when I see things like this because it makes it harder for all cyclists when some cyclists take it upon themselves to ignore the law. The vehicle code in all 50 states considers a bicycle a vehicle, subject to all of the laws pertaining to moving vehicles on the roadway. Tell me, how much time do you think this guy would have lost if he had stopped for the lights? And who would have been at fault if he had an interaction with a motor vehicle?