Right Turn in Red = Yield: It is amazing how many people don't look straight (or slightly to the left) at left-turning or U-turn traffic. The width and span of an intersection has a lot to do with overall potential for hazard for traffic that is not free-flowing.
However, signs for stop, yield, or other advisory conditions should not be used on near traffic lights, except for temporary purposes, according to the Manual of Uniform Traffic Control Devices. Many drivers don't quite understand the concept of "yield", they think in a binary STOP/GO attitude. It depends on familiarity with an intersection and that's why there's pushes for uniformity. Remember that even though we recall the rule-breakers, most folks do obey the rules of the road.
Still, the use of NO Right Turn on Red where it would be prudent and safe under low-traffic conditions irks me.