Should the laws be amended to allow cyclists to run red lights?
Maybe (or not), at some stop signs: but not at stop lights

This sounds like an opinion question so I'll answer it that way.

I think it would be okay to allow bicycles to roll through stop signs on residential side streets.  After all, a slowly rolling cyclist is likely more aware of their surroundings than a fully stopped motorist.

Busy multi-way stop intersections?  Probably not a good idea.  Here in Ohio at least, motorists have no idea how 4-way stops work.  We cyclists would be killed within a week.

Stop lights, no way.  Stop lights are usually reserved for higher volume roads and treating them as a stop sign would be dangerous.

That's all from a safety standpoint.  From a public image standpoint, I think cyclists should obey all traffic regulations to the letter.  I have seen far too many kamikaze cyclists cutting in front of cars, riding on sidewalks and not signalling turns.  That kind of behavior just fuels anti-cycling sentiment.

Cyclists should share the road, not expect special treatment that could promote motorist backlash.