I agree with the stay in the travel lane crowd.

Two reasons.

First it is where drivers are looking. They are looking for other cars in the travel lane and I feel they are more likely to see you there.

Second, I think it is important to condition drivers to expect to see bicycles in the travel lanes when appropriate. Too many drivers as it is feel that bicycles don't belong in the road. Acting like a pedestrian just reinforces this opinion.

New Jersey, where I live, reinforced pedestrian safety laws a while back. Motor vehicles are now required to come to a complete stop whenever a pedestrian (or bicycle) enters a marked crossing. The police have been doing a pretty good job of enforcing the new laws and more and more drivers are paying attention and respecting pedestrian right of way..

It's still a free for all here but it's slowly getting better.