I was discussing this with a lorry driver at work today, and asked the question what is so different to riding along the motorway compared with cycling on the A326 (I do sometimes use it if I'm running late). Some of the A326 is NSL, so 60mph, single carriageway, so you're dependent on the traffic seeing you and giving you room (to date they normally do), and a lot of the traffic is 44 ton HGVs (these do tend to be the best drivers). Whereas on a motorway most of the time there is a clear lane on the left not being used, the speed limit is only 10mph more but if there is a lorry there it will be doing at most 56mph (unless it's Irish), all the traffic (should) is going in the same direction.
Using this theory a motorway actually looks safer. I must point out that I don't feel the need to rush out and try it though.