I don't think cyclists (or anyone) should break traffic laws. I think the traffic laws should be changed.
Seeing as traffic lights are really only there to control motorised traffic, and in some aspects we are closer to pedestrians than motorised vehicles, I think traffic lights should be given the status of give way lines for cyclists. That is, you should be allowed to proceed with (extreme) caution if it is safe, giving way to traffic on the green phase, on the understanding that if you've cocked it up and get run over it's your own silly fault. Likewise one way streets.
I think this is acceptable for cyclists, but not for motorised vehicles, because the risk posed by cyclists is tiny compared to that posed by motorised vehicles.