Car and Driver has a nice editorial on how roundabouts are just another way of pushing the "S-word" (slow) on the driving public. Traffic lights have definite benefits in that they can be timed for smoother traffic flow. Such as:
-During rush hour times, the busy street can be set to have a longer green light so that the heavier flow direction can proceed while a few cars wait at the side streets.
-During non-rush hours, the busy street can have dominance over the light (also possible in rush hour), where a sidestreet would only triger when a car approached.
With a roundabout, everybody slows down.
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