I think stopping is usually a smart idea for all the reasons mentioned, as is the "bad dog, go home, bad dog" thing. I also point my finger at wherever the dog came from. So far, I've been lucky, but you could get a really nasty dog or not have time to react.

My experience is that most dogs aren't really nasty, they want to chase and bark, and they aren't really smart enough to realize they're in danger, too.

I have to stop, because I'm slow enough that I couldn't outrun a dachsund.