I keep dreading a law like that around here, they tried to get rid of the current cyclist stop and go but it didn't end up getting passed thank god. I can even imagine how much time that would add to your ride, even if you only got stuck at half them thats still 40 lights.
It does save time, for sure. I just hate to see this simply because it doesn't really make sense for cyclists to sit at empty intersections, where their view is much better than a car, and not be allowed to pass through.
This topic has been beaten pretty badly on here before though, so we'll see.