raleigh_fan and I live in a state that has adopted the WOL as policy for accommodating bikes, rather than having bike lanes. I've spent the last few weeks wondering which is better in different situations. For instance, They're tweaking a five lane, 55mph road (US 74 in from Fairview, for AVL folks or Googlers) and they're planning a WOL, saying it's for bikers.
I think for 45+mph roads I'd prefer a dedicated lane. Less than that and I'm great with the WOL approach. Around here no one expects to see cyclists. If we had our own marked lane it would at least be an indication that some of us are out there, and dirvers might not be so shocked to see us. It might also add a badly needed sense of security for those unwilling to try riding due to fear.