I like the idea of opening up light timings for public review, however figuring out how to optimize everything would probably take a great deal of computational power, and likely out of the scope of local governments that actually make those decisions. It's also not profitable, so I don't see too many companies going after this problem. If only there was a company that had detailed maps, good traffic statistics, insane computational power, and ambitions to do stuff that may or may not be profitable. Maybe they create tools for municipalities to help time their lights.
I have always believed that this problem could be solved with about $200 worth of hardware at the traffic light, a cheap mobile plan, and a central server location (wherever they host the red-light footage from cameras that already exist).
Now, if anyone has a million bucks laying around I can get to work right away. ;)
http://www.sandiegouniontribune.com/news/politics/sd-me-smar...