Well before any cyclists come in and say I have my selfish agenda, let me say this -- I cycled to school when I was young, and I still cycle (as a hobby). So I am not just a driver of a big ass selfish arrogant BMW.
So let me explain myself. My rationale is like this:
Motorbikes, cars, lorries, trucks, buses, etc. all require a license to drive. This sets a prerequisite to have basic knowledge of road rules before using a sophisticated traffic system -- traffic lights, junctions, right of way, blind spots, etc. On top of that, these vehicles are capable of traveling at speed to keep up with traffic flow. Keeping up with traffic flow is an aspect of safety that one should not ignore -- if a car traveling at 70kph hits a car traveling at 60kph, the impact is caused by a 10kph difference in speed. If a car at 50kph hits a cyclist at 5kph, the 45kph impact is likely fatal.
Bicycles or any other unlicensed or human powered vehicle for that matter, including Segways, skateboards, electric bicycles, etc. should all be kept off the road for the very reason because they are unregulated and do not require mandatory knowledge of traffic rules. On top of that they are unable to keep up with road speeds unless in severe traffic jams.
That said, if and when a human powered vehicle is involved in an accident with a pedestrian the chances of fatality are also lower. This is also a very important consideration and gives another merit point to my reasoning for allowing bicycles on pavements.
Note: I said to ALLOW bicycles on pavements. I did not say to BAN bicycles from the roads, but because they are banned FROM pavements, then it gives them a reason to go ON the road. Now, if bicycles were ALLOWED on the pavements (like in the good old days when nobody cared) then I am sure a lot of bicycles would go on the pavements instead.