When I was in college, cops used to ticket bikes for blowing the stop sign in the middle of campus, but I never got nailed. Cops were on foot, so I think only the very non-aggressive riders would ever get busted.

I rode home from a campus bar once when I probably shouldn't have. Scary 1/2 mile, most of it downhill. Never want to try that again. I suppose I could have been cited.

Other than that, if something goes wrong, you might get a ticket (hitting somebody crossing the street in a slow zone, etc.) but it's pretty rare to ever get pulled over on a bike for pretty much anything.