Sounds to me like they are punishing a whole lot of people for the actions of one. I suspect there will be major traffic slow downs in some areas. Sure, locals might know of the lights and adjust their speeds accordingly, but what about tourists? From what I hear SF has a fair amount of tourists that might not even know about the lights.
I am from Toledo, OH and they have the red light cameras. I think they are a decent idea and I haven't seen any problems caused by them. I really don't think speeding is a huge problem unless they are intending to get people going significantly over.