Of course, they're also subject to all the traffic laws by which auto drivers must abide. Drivers may misunderstand that bikers have equal rights to the roadway, but lots of bikers misunderstand that they in turn have to obey the rules of that road.
Yeah, that's a wholeeeeeeeeeeeeee other can of worms. I actually was not aware until recently that bikes are required to have operable head and tail lights during the evening. I've had them ever since I started riding frequently at night, but most cyclists don't. Then again, I see a horrific number of cars going around in the middle of the night with either no lights at all or only running lights. That to me is simply unbelievable.
(As an aside, if you have a bike and you ride at night at all, GO BUY A LIGHT!!! Bikes are practically invisible in even the best of conditions after dusk, add in rain or fog and you are as good as dead. A good working light will make you more safe then a helmet, brakes, or good tires. Go do it now! Seriously!)
As for bikes going through lights, its a touchy subject. Cyclists are far more aware of their surroundings simply because they have perfect peripheral vision, as well as superior hearing to cars (unless you're one of those retards biking with headphones... don't do that).
I think Idaho (or another midwestern state) has a pretty good law on this. Essentially, conditions permitting, traffic control devices are downgraded by one step for cyclists. So a stop sign becomes a slow yield, and a red light becomes a stop sign. This is how most cyclists that don't have a death wish tend to operate, because its logical.
Cars have to come to a full stop because a drivers senses are numbed and you can't see very well other then straight. Cyclists are not crippled in this respect, so it makes sense for them to not have to full stop at every intersection.
In addition, it is harder to start back up on a bike, and being able to get out ahead of cars into an intersection is also safer, as you avoid the chance of being right hooked and can also get into position to make a left if need be. It also helps to level the playing field, since cars have superior acceleration to bikes.