I've seen quite a few guys pull that around here, maybe because the cops don't mind as much as just running a red? I stop, check to see if it's clear, then just run 'em if no one's coming, I don't see any need to ride an extra five feet down the street.
Besides, what can a cop do if they pull you over? Hand out a citation to a John Doe? Not having to carry a license for a bicycle is nice.

On a side note, you could pull it as long as there is a driveway or parking space near. Just turn right, turn left into the drive/parking space, touch the ground with one foot when entering (You just started to dismount and became a pedestrian.), turn the bike back towards the way you came, turn back onto the street, and turn right. Viola, legal and quick!