Its possible to "have your cake and eat it too": a built up area can be designed so that the space can be shared in relative safety by everyone (by keeping motoring speeds quite low) while also decreasing journey times (by replacing arbitrary stopping with as-needed yielding). See Ashford's video on Shared Space http://www.ashford.gov.uk/transport_and_streets/road_improvements/shared_space_dvd.aspx
or the "New Urban News" piece
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