Exactly what I had in mind reading the title. The answer to several "what happens if we dump this system that should organize our society" question is - look at India and you'll find out.
Apparently with enough gods anarchy works.
Obeying traffic lights decreases tail latency and increases throughput. By not obeying them (as a society, rather than individual), India is only hurting itself.
Heh. I was thinking, based on my somewhat limited experience driving outside the US, that turning off traffic lights in Rome or Bangkok would have only have an effect on tourists, making them aware that there are no rules.