I think cyclists should always stop at red lights not only because it's the law, but also because they will then be more predictable on the part of other road users. If you get some people who run a red light and others who don't then you have two lots of traffic to look out for, as a pedestrian.

If anything, I get more outraged by cyclists doing silly things than I do any other kind of road user. Though I do fear pedestrians who step out unexpectedly in front of cyclists, too.