I always called that a "Chicago" since I learned to do it in the 70s when I lived in Chicago. I was quite proud of being able to get the left turn in before the oncoming traffic started. I consider it an acceptable move if you can do it without making the oncoming traffic yield (in other words, if you're quick enough and/or they're lollygagging). I don't jump the red light, but take off when it turns green.
That said, I would not do it if there were pedestrians attempting to cross - I'd use my eyes and make sure they weren't there. If there's any pedestrians around, I'd just bite the bullet and wait my turn.