Course they should get stopped and fined. Probably only in London though, not much point anywhere else. It's mainly only for image, the media and tourists - but there's nothing wrong with that.
Reason 1, whenever a cyclist is stopped and fined in London, lots of motorists are likely to see it - that's a lot of motorists that have just had their prejudices that cyclists get away with jumping red lights wiped out. Not to mention tourists - if tourists see it, they're going to think not only how good we are at cracking down on road safety infringements but also what a technologically advanced country we are. Whatever the police may pretend, the main objective is the image projected - but what's wrong with that? As the pro-speed camera lobby keep banging out - if you break the law you run the risk ofbeing punished, it's very easy not to get fined, just don't break the law.
Reason 2, and the main reason, a cyclist who is stupid enough to get stopped by the police for RLJing can't be a very observant cyclist! As was demonstrated on Road Rage on BBC1, one of the police officers said "we're not exactly hiding!" If you're in so much of a daze you can't see a bloody policeman on a distinctive white bike in reflective gear, chances are you haven't got much chance of seeing something coming over a junction, so they need to be given a kick up the arse into taking responsibility for their own safety.
FWIW I must admit I do actually RLJ a lot less than I used to, although I have done it in full view of police waiting at lights in a van (i.e. not on a shout) before and they haven't batted an eyelid - although most of thetime I do it it's completely safe and without risk of it being in sight of a police officer. I never wait at lights 'pointlessly' though.