Might be a nice gimmick, but there would be no real value to red light countdowns over here.
The cycle of a 4-way N-S/E-W crossing with pedestrians works a bit like this:
Start out with red for everyone.
Red+yellow for N-S cars, pause for a second or two. Cars are
not allowed to set off yet because it's still red. That phase is designed to shift into gear, start up the car, whatever.
Green for N-S cars and pedestrians, pause for however long the green phase is.
Red for N-S pedestrians and yellow for N-S cars, pause for three seconds (<=50kph speed limit) or longer (higher speed limits). Cars are still allowed to cross if medium braking would not stop them before the thick white line.
Red for N-S cars, wait for a few seconds depending on the junction size.
Start at the top with E-W.
All hail wikipedia for an illustration:
http://upload.wikimedia.org/wikipedia/commons/f/f8/Traffic_lights_4_states.png 5 would be red again
The red-yellow phase already serves the purpose of preparing to set off (bikers are left in sensory darkness of course).
There are a couple of lights with timers over here, for example in some busy inner cities for pedestrians. Their goal is to stop people from walking while red by showing them when it will become green.