In fact motorists would be ticketed for driving in the parking lane. I have been known to use it, but very sparingly, and only if there were not cars there at all. If you go there, you've legally left the roadway, and if you need to get back into the traffic flow due to coming up to a car or the curb at the end of the block, you're then legally obligated to yield to traffic already in the lane, including stopping if there's no clear entry path. Same is technically true of riding in the shoulder and coming up to an obstruction like roadkill or a pothole.

As I said, I do ride there, but it's important to realize what you're gaining and losing by doing so, and what situations warrant it.