I still think it has some validity in simply reminding pedestrians and road users that cyclists exist, are out there, and are soft targets that hurt easily.
We forget too easily how quick someone in a vehicle can become blind to cyclists. Reminding them monthly is a good thing I think.
I don't particularly like the overloading of the event with all of the political stuff, but I like just going out on a ride with a lot of people, with no real purpose, and no real destination, and just enjoy the atmosphere.
Oh, and I think we (cyclists) act like jackasses when we do that thing where we go around a roundabout 3 or 4 times and severely block critical junctions. Our mass is a good enough reminder, I don't think we need to act like arseholes to show people we exist.
Of course the irony of my post is that this is just my view, and possibly the best thing about the ride is that you don['t have to agree with it, you ride for your own reasons.
+1!