Boy you've started a HOT topic! I've responded to many posts on this subject on Craigslist "Cycling & Transit" forum. You hear all ends of the spectrum.
While in college I used to blow red lights when no one was around. But a ticket for said malfeasance changed my ways!
I am fully aware that bicyclists are beholden to all the driving rules and regs. But I've also worked with local transportation planners and know a little about stop signs. Most residential neighborhoods have four-way stops almost every other block. The intent of said signs is to slow traffic. These are simply a nuisance to cyclists. In fact, these stops are there to deter traffic from using residential streets to instead use arterial routes through the city. And these are the streets cyclists should be encouraged to use. Bicyclists should be given the opportunity to use stop signs as yield signs in such instances. Proceed with caution when safe to do so.
Additionally, yield signs have been all but abandoned because, I assume, most drivers don't know how to approach the things. They make perfect sense to me. But I guess people driving well-insulated big cars and SUV's hurrying to their next destination didn't take Yield signs seriously. But for cyclists, they make perfect sense. Instead of having to stop every other block, a Yield sign would allow a cyclist to proceed with caution without having to change momentum. I treat Stop signs like Yield signs when riding in such areas. If no one is in an intersection (and I'm including pedestrians of course), I'll proceed with caution.
Yes, some drivers may take offense. But to those drivers I point out the following. Ever notice when approaching a Stop sign that cars more often than not roll through them at about the same speed a casual cycling pace would roll through the same sign? I notice it all the time when I'm commuting by bike. So, if cars roll through stops at about the same speed, why worry about a cyclist doing the same? Yes, I understand the intent and rule of the law, but when 90+% of the cars out there aren't coming to a complete stop, why worry about cyclists rolling through stop signs? Really, let's be serious.
And I add to those vehement about the issue that a cyclist has unhindered vision and hearing. When I roll up to a stop, I'm very aware of my surroundings. Today's cars are very well insulated, and with the stereo going, a drivers hearing is all but useless. And vision is good, but not 360 degrees like a cyclist's.
And I further add that if I'm dumb enough to roll into oncoming cross traffic, I'm going to pay for it big-time. It would be pretty hard for a cyclist to kill anyone in a car in this situation. Yes, I'm aware of the fact that bicyclists can and do cause accidents that can injure motorists. It's just very rare and most cyclists have enough self-preservation instinct to avoid killing themselves.
But I do see cyclists blow through intersections when they obviously should have yielded the right of way. They do make us all look bad. I was behind one while riding to work one day. A car was at a 4 way and was just about to proceed when the rider in front of me just rode through the stop. I caught up to him and read him the riot act. He gave me a dumb look. I reminded him that he represents all cyclists and his actions were giving us a bad name.
But rolling through stop signs in deserted residential districts? Not worth worrying about!
Let the flaming begin!
PS Pedestrians have lots to say on the issue. Especially many who've been buzzed by messengers in SF. And they should be pissed. You messengers buzzing peds in crosswalks: knock it off! But to them I add that I've had many peds step in my path illegally. And when I raced at Berkeley, I had many teammates taken out by peds walking against red lights into their paths. And the irony was that in all cases I heard about, it was the cyclist who got hurt, not the ped. Just before impact, the ped would move in the last milisecond to avoid most of the impact. But in the process would catch the riders handlebars which causes a high-side fall. This hurts. Broken ribs and collarbones and lots of road rash. So, you peds out there need to heed the laws of common sense too - and don't rely only on your ears when you step off the curb!