I treat it as a stop light.

On Pacific Coast Highway in Malibu, a lot of cyclists were ignoring an intersection like you described. During a City Hall meeting, residents rose up in revolt. Their driveways were a little bit beyond the intersection (on the cyclists' side) and because of the high speed of the road, they needed the red light to pull out of their driveways safely. When cyclists disregarded the light it put not only them, but the riders lives in jeopardy.