I've been a commuter cyclist in Chicago and always observed the traffic laws out of a sense of self-preservation. Even still, I was almost killed by inattentive drivers several times. My own wife has suffered for years from pain resulting from complications related to losing a tooth after a driver forced her into a curb while riding.
That being said, Chicago cyclists by and large already have total disregard for all traffic laws, so I don't see enacting laws like this here having any effect whatsoever, except perhaps giving police officers fewer opportunities to issue tickets to cyclists, as if that were a thing that ever happened. Now I'm all for common sense improvements to traffic flow, living like I do in a congested city where cycling is popular, but here are some of the other common sense practices of local cyclists that I observe regularly:
1) running red lights and stop signs at full speed without slowing at all
2) riding the wrong way down one-way streets through moving traffic
3) riding at night without any lights of any kind
4) doing 3) while riding the wrong way in traffic
5) doing 4) during inclement weather (once, I couldn't see the guy until he was 10 feet away)
6) running a red light while making a right turn into a lane of moving traffic without even looking (I see this a lot), often causing the cars that would have hit them to swerve in the path of other vehicles.
7) riding on crowded sidewalks and through crowded crosswalks at high speed
8) trying to pass moving buses on the right as they're approaching a bus stop. This happens all the time.
9) passing a line of cars stopped at a red light on the right, only to pull up in front of the line (not to the side), in the crosswalk, forcing the cars to wait behind the bicyclists once the light has turned green until a break appears in the next lane (or oncoming lane if there's only one lane).
I've also been rear-ended while stopped at a stop sign by an inattentive bicyclist, and seen a cyclist enter an intersection from the sidewalk against the light right into the path of a car (the cyclist survived, but I don't think his bike did). This isn't meant as a tirade against bicycling - I love it myself, and I think it's great that Chicago is devoting resources to make it easier and safer - but it's frustrating when the city takes away traffic lanes from cars on a congested road and converts them to bicycle lanes, complete with pylons and special signaling to accommodate bicycles, only to be completely disregarded by the cyclists (see Dearborn St. downtown). There's no give-and-take here. Riders and drivers can work well together when each is considerate of the other, but it seems like it's mostly a one-way street around here, so to speak.
If there's to be a push for cycling as a major means of transportation on busy roads (which it already is), I think it's worth considering licensing tests for bicyclists (as well as traffic law enforcement).