I assume any car approaching or at a stop sign or stop light will blow through it at any second and keep going. Based on that idea I will either stop, slow down or just blow it. I never all out blow red lights but I have done an Idaho stop on some before.

EDIT: also the statistical correlation presented above because it doesn't really seem to take into account a riders skill. If I cyclist rides for 9 hours per day versus his friends 1, yes the first is more likely to get into an accident, but he is probably also more skilled at avoiding situations which would cause an accident.