Cycling safer than Driving?

Raise the Hammer provides a great summary of the statistics comparing riding a bike versus driving a car. It finds that when measured mile-for-mile, yes, cycling is worse, but when compared hour-to-hour or trip-to-trip, the bike comes out ahead. It comes out even further ahead (a factor of 20 to 1) when you consider life expectancy.

The safety of cycling versus driving is taken even further by considering cyclist's behavior. Separate out the cyclists who are not following the rules of the road and the odds are even more favorable for the cyclist.

This article provides a good overall picture of the relative safety of cycling versus driving.