I have no problem with it. It's the same, only more efficient, than having a police officer stationed there, and much cheaper in the long run. You can't argue with the evidense right there in front of you on film, so it also will save money on court time for police officers. Those who follow the law will do fine, those who chose to not follow the law may have to deal with fines/tickets/etc.
In the long run, it could benefit us all by being money saving program; in addition, if your friend or loved one is killed or injured in an accident where there is a camera it could help provide a way to find out who did it and how it happened.
They also serve as a deterent to crime, which is a great feature.
I have no problem with the privacy issue, too--we are driving on public streets. There is no inherent privacy there when you are out in public.
If can't do the time, don't do the crime is what we used to say where I worked!