Probably somewhere in the middle

I suppose I'm coloured by the situation in London, where there seem to be traffic lights every 50 metres or so. Seems rather excessive, and doesn't stop there being accidents. Most cycling fatalities appear to be heavy goods vehicles turning left and crushing a cyclist on their inside.
As for fatalities in general, there are something like 1500 people killed on the roads every year in Britain. Of those, the breakdown is roughly as follows.
Speeding
Around 400 people a year are killed in crashes in which someone exceeds the speed limit or drives too fast for the conditions.
Drink Driving
Around 280 people die a year in crashes in which someone was over the legal drink drive limit.
Seat Belt Wearing
Around 300 lives each year could be saved if everyone always wore their seat belt.
Careless Driving
Around 300 deaths a year involve someone being "careless, reckless or in a hurry", and a further 125 involve "aggressive driving".
At-work
Around one third of fatal and serious road crashes involve someone who was at work.
Inexperience
More than 400 people are killed in crashes involving young car drivers aged 17 to 24 years, every year, including over 150 young drivers, 90 passengers and more than 170 other road users.
Failed to Look Properly
40% of road crashes involve someone who 'failed to look properly'.
Loss of Control
One third of fatal crashes involved 'loss of control' of a vehicle.
Failed to Judge Other Person's Path/Speed
One in five crashes involve a road user failing to judge another person's path or speed.
So it would seem more likely to actually save lives to have more speed cameras than it would to worry about a few red light jumpers, who may annoy motorists but actually do very little harm?
As a comparison btw:
http://www.theguardian.com/lifeandstyle/2009/dec/15/cycling-bike-accidents-study - just 2% of all accidents involving cyclists are the result of them 'breaking the law', and none of those resulted in a fatality.
I suspect there are many more injuries and deaths caused by motorists jumping red lights than there are cyclists doing so.
As anecdotal evidence, I've been knocked off three times whilst riding in London. Two were by vehicles (1 white van, 1 bus) overtaking me and then turning left on me. The other was when a car pulled out of a junction straight into my path (a bus driver on his way to work as it happens). I've also been hit by two pedestrians who walked out from in between cars into the bike lane, but they were just bumps, nothing serious.
In all three incidents, nothing happened to the driver at all. Indeed, for two of them the driver didn't even stop. When the odds are so heavily weighted in the motorists favour (you're not going to hurt them by crashing are you?), you tend to develop a pretty good radar for what's safe and what isn't, because your wellbeing depends upon it.