Witness the stop sign haiku in my sig. I kind of treat signals the same. In general, if I have a reasonable expectation of getting the light to turn, I'll wait. There are a few, though, that I know don't change for bcycles, so I wait until the way is exceedingly clear and go through. Once or twice, the next car through the intersection will be a cop and they haven't stopped me yet. My feeling is that if I am not even close to violating another vehicle's right of way, it falls under no harm, no foul. And honestly, most transportation cyclists around here don't follow the traffic laws near as closely as I do.

But yeah... getting called out? That would embarrass me.