Yes, everybody slows down (which isn't bad), but overall the flow of traffic is smoother. You don't burn gas sitting for several minutes at a red light - in most cases, you will be past the "intersection" sooner with a roundabout.
And don't fool yourself ... just because signals *can* be programmed, it doesn't mean that they are properly configured. Again, this is expensive to maintain (a good traffic engineer isn't cheap!)
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