This would help more people get on their bikes and ride rather than trying to drive. It would reduce the number of cyclist being injured and killed, a bike hitting a person at 15mph is far less likely to kill someone than a HGV or car hitting a cyclist at 30-40mph.
It would also reduce the cost of implementing all these cycle lanes, why are we wasting loads of money on paying for the council to go and print white stripes down the middle of pathways that were so obviously suitable for cyclists anyway, and most of the time these white stripes don't work as you get pedestrians stood in cycle lanes, and some cyclists willing to bowl them over for their stupidity and lack of knowledge about the highway code.
It would be far better to just allow cyclists to ride on pavements all the time to keep them safe. This law does very little to stop anyone riding bikes on pavements as you still get people who ride on pavements and the police don't care. The only thing it does is puts people who take laws very literally (such as people with conditions like Asperger's Syndrome) in a more dangerous position, battling with HGV's and motorists.