This topic has been talked to death (and I think the general consensus is that cyclists should not be going through reds) but here's a pretty humourous piece in National Post about it:
Cyclists, please don't run reds
Dear Toronto people-on-the-go,
When I'm in car at a red light or stop sign, why do you cyclists continue through? Just because your ride is less-of-a-killing-machine than mine, do you get to ignore the rules? Now I can't predict what you're going to do next. Also, stop weaving around the lane. If riding your bike over a pothole or sewer grate is too Evel Knievel for you, just ride in the middle of the lane. I'll slow down. It's OK. Just be consistent. Car drivers are used to you sliding alongside us, but when you start pulling in front, especially without signalling, things get hairy. Or bloody. Like some sort of werewolf-vampire.
When I'm on my bike at a red light, why do you cyclists pass me and stop in the crosswalk? Why do you have to be first? Are you going to Best Buy to be the first to own Pink Panther 2 on Bluray and DVD? I understand when it's a bike courier with iron thighs who'll be across town be fore I' ve shif ted into gear but not when it's some slow-poke I've already passed. And why are there so many cars parked in the bike lane? "I'll only be a minute!" you think as you wait for your spouse/daughter to get a latte. Toronto bike lanes are rarer than albino squirrels. Let them live. I don't park my bike in the middle of your car lane.