i think it should be legal.
i don't have to lane split where i live but have been in places where it would have been nice to be able to. i agree with other posters that a big problem would be the 'entitlement' mentality that seems to be rampant nowadays. meaning a cager sees a moto biker getting something that the cager is not. in the case of lane splitting it would be a savings of time. some cagers would say "that's not fair! whaaa whaa whaaaa, i'm not saving any time so why should bikers be allowed to?"