Not to mention the amount of CO2 emissions that would be reduced from drivers having to stop and re-accelerate fewer times. While I don't know if it would make much of a change during heavy traffic, I think it would make a huge difference during medium to light traffic.

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.