Yes it is cool, but a total waste of time. Its true that most car users find it difficult to judge the speed of an average cyclist, let alone a competant one, but in the same breath most car users cant even judge there own speed (sorry officer, I didnt realise I was doing 40 in a 30 zone)
Whats needed is education:
There are plenty of people on the road that took there driving test 40+ years ago and have never done an up date or refresher since! Its crazy when you think that in most proffessions an update of a certificate or qualification is needed every 3-10 years. Take a first aid certificate. It is usually only current for 3 years, yet some one can hold a driving licence for 50years and only ever take one test. Also the driving conditions were so different then. There should be a refresher/update every 10yrs.
The same applies for cyclist. I did a cycling proficency test when I was at junior school. People coming back to cyclist after a break of a few years should be offered some form of road awareness training.
Matt